Real Madrid's directors will meet on Tuesday to consider Liverpool's bid for England striker Michael Owen.
The 25-year-old met Anfield boss Rafael Benitez on Monday for talks, before also holding a meeting with Newcastle.
The St James' Park club have had a £17m offer accepted, but Liverpool are not willing to pay anything like that much.
Real Madrid vice-president Emilio Butragueno said: "We have received two bids from England, one of which has been accepted already."
He added: "The other will be discussed by the directors today (Tuesday)."
Liverpool are thought to have proposed a season-long loan deal, with a view to eventually repaying Real the £8m they bought Owen for.
However, the European champions could be in a position to offer more attractive terms to Madrid if they sell Djbril Cisse, with Marseille and Monaco both interested.
Real have warned Owen, however, that he will have to stay if Liverpool's offer is not satisfactory.
"If Owen doesn't want to join a particular club after we have accepted a bid then he will stay and fight for Real," said Butragueno.
"We can review the situation in January or at the end of the season if nothing happens this week."
Owen was left out of Madrid's squad for the first game of their season after falling behind Ronaldo, Raul, Julio Baptista and Robinho in the pecking order.
He travelled to England and met Benitez for two-and-a-half hours, before travelling to Northumberland.
There he met Newcastle chairman Freddy Shepherd and his son, manager Graeme Souness, captain Alan Shearer and coach Dean Saunders.
Owen has said he would play for the Magpies only on a one-year loan deal, although the club are trying to persuade him of the merits of a permanent move before Wednesday's transfer deadline.
Newcastle said in a statement on their website: "England striker Michael Owen held talks with Newcastle about a move to St James' Park.
"Owen and his representatives met up with a delegation from United at a Northumberland hotel.
"Real Madrid accepted a club record offer from Newcastle last week, and it is now up to the player to decide where his future lies."
Shearer told BBC Five Live he has spent "a fortune in phone calls to Madrid" trying to sway his former England strike partner into choosing Newcastle.
"We have three days left to try to convince him to come here. We're still in there fighting for him," he said.
Shearer told Owen that the hero status he would enjoy with Newcastle fans would make a permanent move to the north east worthwhile.
"I know if he came here he would be loved. They love their goalscorers up here and he would be a hero," he added.
"I know better than anyone what reception he would get here. I've had several phone conversations with him.
"But I don't have to tell him what passionate supporters we are. In the end he'll make his own mind up and will do what is best for himself."