European glory will tie Owen to Anfield

Parry's biggest fear is that the continent's elite clubs will come knocking when the time comes to renegotiate contracts for their young England stars. But he is convinced that Owen, for one, will want to stay at Anfield beyond his new four-year deal - providing that the trophies keep on coming.

The recent breakthrough in talks over Owen's latest agreement were greeted with sighs of relief on Merseyside, but Liverpool are acutely aware that the process will start all over again in another two years.

Parry believes, however, that further success at home and abroad following last year's treble cup haul could persuade Owen to commit his future to Liverpool indefinitely.

'More than anything, Michael wants to be part of a successful team, as befitting a player of his world-class status, and it is something we are mindful of,' said Parry.

'That is why I believe the greater our achievements over the next few seasons, the more likely it is he will remain here beyond his present contract and for the bulk of his career.

'I certainly hope that proves to be the case, because we all recognise the contribution he has made to our progress in the last few years. We want that to continue and are doing everything to build a scenario that convinces him his long-term interests are best served at Anfield.

'I am very upbeat about our prospects of keeping Michael for a sizeable chunk of his career, if not all of it. It is impossible to make hard and fast forecasts, but the signs are very encouraging.

'He is very happy here, a very stable and supportive family are close at hand, and everything about his life is settled.'

Parry is just as optimistic about securing Gerrard's services for the foreseeable future as Liverpool pursue a policy of keeping their best players and expanding their base of top young English talent.

'Steven is Liverpool through and through and has made it clear he is happy to continue playing for this club,' said the Anfield chief.

'We want to make him feel part of a family here and definitely see him playing an integral part in our fortunes for years to come.

'It is no coincidence that there is a very strong core of young English players at the heart of our squad. That has become a focal point of our philosophy. We are attempting to build a new dynasty that focuses on sustained success, rather than quick fixes.

'There is a character and will to win about English players that Gerard Houllier likes. We all do. They develop into players who care about their club, and that is right for us. We believe in bringing players up and schooling them in the Liverpool way, and that is why we have invested millions of pounds in the academy and are signing potential for the future, in the likes of Chris Kirkland and Milan Baros.

'It is good to see that anything up to half the England team can be made up of Liverpool players these days. It is a trend we will be encouraging as much as possible.'

Liverpool's resurgence is exemplifiedby the appearance of Owen and Gerrard among 15 Premiership players on the shortlist of 50 for the European Footballer of the Year award.

Owen admitted he would be thrilled if he could emulate Liverpool legend Kevin Keegan, the last British player to win the award back in 1979.

The striker said: It's nice when you get recognised and, yes, it would be an ambition of mine to win an award like that. It's my ultimate dream to do the job to the best of my ability but there are a lot of other people who want to do the same.'

Owen, 21, is one of the favourites for the coveted honour - the winner will be announced on December 18 - but will face stiff competition from inside and outside the Premiership.

Liverpool team-mates Gerrard and Sami Hyypia are also listed as are Manchester United's David Beckham, Paul Scholes, Fabien Barthez, Ryan Giggs and Juan Sebastian Veron. They are joined by Patrick Vieira, Robert Pires and Thierry Henry of Arsenal, Leeds duo Rio Ferdinand and Harry Kewell, and the Chelsea pair, Marcel Desailly and Jimmy Floyd Hasselbaink.

Last year's top three of Luis Figo, Zinedine Zidane and Andrei Shevchenko are again nominated.