MICHAEL Owen will make an emotional return to Anfield on Monday, with strike partner Alan Shearer admitting the England international could have fired Liverpool into title contention had he joined them in the summer.

Owen, an Anfield legend after scoring 158 goals in 297 appearances for the Reds, has not faced his former employers since he left for Real Madrid last summer.

The 25-year-old failed to make an impression at the Bernabeu and, when the Spanish side opted to sell him this year, most observers expected him to return to his former home.

That was his preferred option but, with Liverpool boss Rafael Benitez less than optimistic about the proposed move, Newcastle chairman Freddy Shepherd sealed a £16m deal to take him to Tyneside.

Plenty of people scoffed at the magnitude of that fee but, following seven goals in Owen's first eight games, the multi-million pound price tag is already beginning to look like a bargain.

Shearer scoffs at suggestions that Newcastle were taking a gamble when they broke the bank to sign Owen, and the former England international has maintained his one-time team-mate in the national side would have improved any team in the top-flight.

"I didn't think signing Michael was ever going to be a gamble," said Shearer, who needs one more goal to equal Jackie Milburn's all-time record haul for the Magpies. "You can never guarantee anything in football but, with him, you're just about guaranteed goals.

"The chairman knew that, and that was why he was prepared to blow everybody else out of the water with his £16m bid.

"He was willing to go that high because he knew exactly what he was getting.

"If we have Michael in our side, we are a much better team. He's such a special goalscorer in terms of his pace and prowess in front of goal.

"He makes us a much better team and I think that would apply to any team he was playing at, including Liverpool.

"He would improve any team he was playing in and that's proved by the number of goals he scores."

Owen's ability was underlined by the hat-trick he scored in last weekend's 4-2 win at West Ham. Precision strikes with his left and right foot sandwiched a somewhat fortuitous header that found the net via the striker's shoulder.

Initially, that finish appeared to owe a lot to luck but, from a striker's perspective, Shearer insists it was more impressive than either of the other two goals.

"He hasn't changed much from when I played with him for England," said Newcastle's number nine. "He's still a goal machine.

"He's got an instinct and a knack for being in the right place at the right time.

"For me, a classic example of that was the shoulder, or the ear, or the header, or whatever you want to call it, that led to a goal at West Ham last week.

"He was in the right place at the right time and he's not frightened to go back in there if he misses a chance.

"That's the hallmark of a great striker. His record is fantastic. It's second to none - other than mine!"

Shearer's record has been boosted by the presence of Owen. The 35-year-old has scored three Premiership goals from open play this season, all of them when Owen was alongside him in the team.

The pair's link-up play was far too good for the West Ham defence seven days ago and, while Liverpool have not conceded a Premiership goal in more than ten hours of play, neither Sami Hyypia nor Jamie Carragher will be relishing Monday's encounter.

"He doesn't only affect my game," said Shearer.

"He affects the team's game. He stretches teams with his pace.

"Rather than battling against two centre-backs, I'm battling against one, which is not such a big problem.

"Defenders are so wary of Michael being around.

"They know that, if they give him an inch, he will score and punish them.

"That gives more space to me and more space to the rest of the team.

"I think everyone's seen that and I've certainly felt it. I've played better, and the team have benefited more, when he's been playing."

Newcastle have lost just once with Owen in the side - October's 1-0 defeat at Wigan - but the striker has not had to contend with the intense emotions he is sure to experience on Monday.

Footballers are keen to trot out the age-old adage of it being 'just another game' but, in 48 hours time, that is unlikely to apply to the Chester-born striker.

"It will be a big day for him," said Shearer. "And I know he's looking forward to it. It will be an enjoyable occasion and I'm sure he'll get a great reception from both sets of supporters.

"One of Michael's options was to go to Liverpool but, for whatever reason, he's ended up here. It's worked out that way and we're all delighted that it has.

"But he had great times at Liverpool. I had great times at Southampton and Blackburn and they are always the first fixtures you look for.

"I know Michael looked for this game straight away. It's a big one, but he will handle it like he handles everything else in his life. He'll take it in his stride."