PICTURE this: Liverpool fail to qualify for the Champions League; Michael Owen refuses to sign a new contract; Chelsea launch bid for Owen; Owen joins the Blues for £20m.

This may all be speculation yet there is a distinct possibility that it will happen this summer. And could you blame the ambitious striker for turning his back on the club where he has been nurtured?

Two goals and an assist from Owen in the midweek victory over Portsmouth were further proof of the player's undoubted ability. There is every chance he will add to his tally when Premiership whipping boys Wolves visit Anfield this afternoon.

It was his recent displays from the spot which caused the biggest stir when he missed his ninth and tenth penalties, from 23 taken, in vital fixtures against Southampton and Portsmouth.

The two feeble excuses for spot-kicks were both easily saved by Shaka Hislop and Antti Niemi, costing the Reds their FA Cup place and jeopardising their Champions League hopes.

Maybe he is not the best penalty taker the world has seen and manager Gerard Houllier should ban him from taking any more. Michael Owen, though, is still an exceptional striker.

Having come through a barren spell of just one goal in ten Premiership games in midweek, there is every likelihood that the 24-year-old will hit form just at the right time - with one eye on the European Championships this summer.

As England fans we need him to add to his 24 goals in 54 appearances, which have propelled him up to 12th in the all-time England goalscoring charts.

At just 24 there should be no reason why this country's No 10 can't play international football for at least seven more years and overtake Bobby Charlton's record 49 goals.

If Owen is going to take his career on to that next level it may mean having to walk out on Liverpool - with Chelsea, AC Milan, Real Madrid and Inter Milan all credited with an interest.

To achieve his aspirations, the Cheshire man needs to win League titles. At Liverpool, even with the impending arrival of Djibril Cisse this summer, that looks as far away now as it did under Houllier's predecessor Roy Evans.

A move abroad, following the success of David Beckham at the Bernabeu, could prove appealing to Owen but something a little closer to home could be the most tempting.

Chelsea are determined to spend, spend, spend to lift their first League title since 1955 and the belief is that a 30-goals a season forward will help them to secure that crown. Owen fits the bill.

No doubt Liverpool will fight hard to retain the services of their golden boy; with suggestions of a one-year extension rife.

But few can argue with Owen's reservation to sign up. After all a player with his value should have the medals he craves in the cabinet to show for his precious talents.