What IS wrong with Owen?

Houllier has always maintained he will start worrying only when Owen stops getting on the end of chances, but he may have to revise his view after a wretched run that has left the nation speculating on the cause of the striker's malaise.

The growing unease will not be confined to Anfield, either, as Sven Goran Eriksson begins to turn his attention to Euro 2004.

When an explosive start to the season was cut short by an ankle injury against Arsenal at the beginning of October, Owen's two-month absence was viewed by Eriksson as a blessing in disguise for England's prospects.

While Houllier was left to count the cost of losing Owen in his prime, after eight goals in as many games, Eriksson calculated the likely recovery period, for form as well as fitness, and concluded it ought to coincide happily with England's departure for Portugal.

Ten weeks on from Owen's return to action and England's unflappable coach may be starting to fret over the timescale involved in locating the misfiring marksman's old touch in front of goal.

The search appeared to be over when he scored in successive games against Manchester City, in the Premiership, and Portsmouth, in the FA Cup. But a penalty miss in the replay defeat at Fratton Park rekindled all the doubts, and another at Southampton, either side of more faulty finishing, gave the air of a full-blown crisis.

There has been plenty to occupy Owen's thoughts, not least a worrying injury sustained by his partner Louise in a horse-riding accident, and deciding on his future after months of uncertainty over a new contract.

A more concerted push for honours might help make his mind up, although talks between Liverpool chief executive Rick Parry and Owen's agent, Tony Stephens, are finally about to start in earnest, with sources close to the club maintaining he will sign one more deal, albeit a short-term one.

Owen's seemingly permanent frown may be a cause of mounting concern, but team-mate and close friend Jamie Carragher insists the explanation could not be simpler.

Carragher said: 'Michael is absolutely devastated at the moment because he cares so much about Liverpool and is desperate to help us get in the Champions League. The criticism will no doubt continue, but he could easily bounce back and shut everyone up against Portsmouth this week.'

As he ponders his next move, Owen's dark mood has hardly been helped by further revelations about his gambling, with top jockey Kieren Fallon telling a Sunday newspaper that requests for tips are made on a daily basis.

Liverpool refuse to respond to the secretly-taped interview but privately insist any charge of his betting habit spiralling out of control should be placed among the non-runners.

The striker shares a passion for horses with Louise and readily admits that, outside football, a day at the races is his favourite pastime, and those close to him say his wealth has been increased, rather than depleted, by his liking for a flutter.

The same rich vein of form, in football circles, continues to prove elusive although Houllier insisted: 'People make a big fuss about Michael going a few games without a goal, but seem to forget he always comes back in spectacular style.

'Once his touch returns, there will be no stopping him, and I'm confident he'll still have a big say in where we finish up this season.'