Signing Michael Owen for Manchester United could prove one of Sir Alex Ferguson's greatest ever transfer swoops

Sir Alex Ferguson may have fallen out of love with the turf, but he has never been scared of taking a punt on his own instincts.

Last night, though, it seemed the Manchester United chief was considering arguably his biggest gamble since signing Eric Cantona by handing Michael Owen a ticket back to the big time.

As the bookies closed the market on Owen's next destination amid a flood of bets, United were operating the closed door policy we have all come to know and detest.

Yet the absence of the denials that usually come when a transfer shock is mooted were the clearest signs yet that Owen, against all the odds, could be running out at Old Trafford next month.

If he does and can re-find the scoring touch that was second nature in his prime, then surely England's forgotten man will give Fabio Capello little choice but to recall him and make him part of the World Cup equation.

But Ferguson knows the United fans will only forgive Owen his Liverpool roots if the goals come at a rate that stop them pining for Carlos Tevez.

And that if he gets this one wrong, and signs the seemingly clapped-out Newcastle version of Owen rather than the player he must be hoping he can restore to full pomp, it may ruin a season that already looks his most complicated for four years.

Even by Ferguson's standards, landing Owen would be a stunning swoop - and one that represents a major risk.

After all, when Fergie bought Cantona from Leeds in 1993, he was convinced the mercurial Frenchman would prove the final piece in the jigsaw that would end United's 27-year title drought.

Taking Andy Cole from Newcastle was another thunderbolt, but he was signing a striker in his prime.

With Cristiano Ronaldo and Wayne Rooney, Ferguson was taking the next step, picking up the emerging generation of superstars and making Old Trafford their finishing school. And at the other end of the scale, Ferguson realised the experience and intelligence of Henrik Larsson was just what a young side needed in 2007.

But making a move for Owen, after a season in which he has looked a pale, frustrated and bedraggled imitation of the teenager who lit up France 98 with that wonder goal against Argentina and then matured into the most deadly home-grown finisher in the country, is out of a different league altogether.

Yes, over the past two years, Ferguson has twice considered taking a punt on Owen.

On both occasions, the United boss resisted his initial temptation, first refusing to become involved in an auction with Newcastle and then as he decided Dimitar Berbatov, even at £30m, represented a better bet.

But after losing Ronaldo and Tevez and missing out on Lyon ace Karim Benzema, Ferguson needs somebody to help fill the gap.

United have scanned Europe for options, looking at the likes of Benzema and Sevilla's Luis Fabiano, yet Fergie knows proven top flight goalscorers are not that easy to come by and Owen remains bullishly confident of his own ability.

In addition, of course, is the bottom line. Owen will cost nothing up front, just his wages, and is probably willing to accept nearer £50,000 per week than the £100,000-plus he was on at Newcastle.

Owen to United? If it works, it would be one of the great swoops. But if it didn't, it would scar the player and his manager equally. Want a bet on it?

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