Michael Owen is mulling over the offer of a new deal at Newcastle after the club made its move.
It is understood the Magpies have contacted Owen's representatives with details of their latest contract offer as his existing four-year deal enters its final few months.
Manager Joe Kinnear hopes to sit down with the 29-year-old on Tuesday in an attempt to persuade him that his future lies at St James' Park.
Kinnear has already insisted the England international will not be sold next month, with his goals more important than whatever fee they could collect for a player who could leave on a Bosman free transfer at the end of the season.
However, like Kevin Keegan before him, the 61-year-old is desperate for Owen to commit himself to an extended stay on Tyneside.
Kinnear admitted on Friday that he was not confident about retaining the services of a man whose ninth goal in 15 appearances this season set his side on the way to a vital 3-0 Barclays Premier League win at Portsmouth on Sunday. That took him to 29 in 62 games for Newcastle over three-and-a-half injury-hit years.
The Magpies claimed to have offered Owen an "improved" three-year deal back in August, although that came as news to his representatives.
This time, the terms have been formally presented after Kinnear was given the go-ahead by owner Mike Ashley and managing director Derek Llambias.
Owen was giving little indication of which way he will jump after leading his side to victory at Fratton Park, preferring instead to concentrate on their fight for survival.
"We are looking up and have moved up a few positions," he said. "Like most teams, we have a few games over Christmas. This is the best time to gain a bit of confidence. If we can keep that run going we will be clear of relegation over Christmas and wondering what all the fuss was about."