Hull manager Phil Brown has revealed the club intends to speak to Michael Owen's representatives "within the week".
Owen confirmed yesterday he will be leaving Newcastle at the end of his contract with the former England striker available on a free transfer.
He is expected to command considerable interest from the Premier League and abroad but Brown believes the Tigers can pull off a notable coup by snapping up the 29-year-old former Liverpool and Real Madrid star.
"We will be speaking to Michael's representatives within the week," Brown told the Hull Daily Mail.
"I would think he would have a number of offers and we'll have to be competitive.
"But I wouldn't sit down with him if I thought I was wasting my time. Anything is possible in football."
Owen claimed yesterday the link with Hull was a "new one" to him when asked about the possibility of moving to the KC Stadium.
But Brown is adamant the lure of first-team football could tempt Owen to Humberside.
He added: "I don't think Michael will go for the best financial offer, I don't think it's about that for him at this stage of his career, he'll want the best offer for his future.
"He needs to spend a high percentage of next season's games at the highest possible level and that's where we can come in."
Brown acknowledged a player with Owen's record would not come cheap, adding on talkSPORT: "Breaking the bank is not a term the chairman would be keen on. But he's certainly someone that you would push the boat out for. He's a world-class international footballer.
"There's been a lot of documentation about injuries and being unable to fulfil contracts because he can't get on the field of play.
"But as far as I'm concerned, with a good pre-season under his belt, he's still a quality player and if I could sit around the table with Michael Owen I would be interested in doing that.
"It would be exciting to get someone through the door that could possibly score you 15 or 20 goals a season. That would be a fantastic achievement."