London, July 3 Out of contract striker Michael Owen has agreed to join Manchester United on a 50 per cent pay cut.

United boss Alex Ferguson contacted Owen, 29, on Tuesday and offered him 50,000-pounds-a-week to join the champions - plus huge bonuses depending on appearances and goals.

Owen, however, must pass a stringent medical, which could take place as early as today, before United put pen to paper.

A source close to Owen said: "This is just the boost he needed and now he is hoping that everything can be agreed."

Fergie's shock move comes after United missed out on Lyon striker Karim Benzema, sold Cristiano Ronaldo for 80 million pounds and lost Carlos Tevez.

Owen, axed by England boss Fabio Capello, started his career at United's hated rivals Liverpool. He became a free agent two days ago after his contract ran out at Newcastle.

The only clubs being seriously linked with him were Stoke and Hull, while Everton were said to be weighing up their options and Greek side Olympiakos flatly denied any interest. (ANI)