Owen’s contract with Newcastle expires at the end of the season.
O’Neill completed the signing of England striker Emile Heskey from Wigan last night.
He said: “I’m not saying that I will move for Owen in the summer — I’ve not looked at anything at that remote a distance.
“But that’s not to say Michael Owen is not a terrific player. We wait to see. Anything is possible. Kaka is a possibility!
“We want to try to compete at this level but what’s happening in the future? I have no idea.”
