Manchester United boss Alex Ferguson is speculated that he could make a big name signing this summer after the club chief executive David Gill claimed that the Scot has money available to raid the transfer market.

Fears had been raised that the takeover by American tycoon Malcolm Glazer would see the purse strings tightened at Old Trafford, but Gill has countered this claim.

Gill says the transfer kitty is sizeable and that Ferguson has the green light to bring in a big name if he feels the squad can be strengthened as a result.

Widespread reports are suggesting Real Madrid star Michael Owen is the player on Ferguson's wish list, with the England striker rumoured to be on his way out of El Santiago Bernabeu.

However, reports in France are suggesting The Red Devils are ready to rival Chelsea for the signature of Lyon's coveted midfielder Michael Essien.

Chelsea have failed to agree a deal with Lyon and the French champions' chairman Jean-Michel Aulas declared on Sunday that Manchester United were showing an interest.

Gill refused to be drawn on potential targets, but confirmed Ferguson has the chequebook at the ready.

"The money is there for Alex," said Gill.

"If he identifies a talent that he thinks will improve the squad - and that is the crucial thing - the funds are available.

"The Glazers have said that if there is a big player out there who is available, then the money is there to go for him.

"We can still afford a lot of money for top players and at the same time, we are also able to develop many of our own."

The stuttering pre-season form of Ruud van Nistelrooy has fuelled suggestions that Ferguson could move for Owen and the speedy marksman would add a new dimension to the Old Trafford attack, but the Scot may have more pressing needs.

He has failed to find a long-term replacement for talisman Roy Keane and Essien is in the mould of the no-nonsense Irishman.

It is debatable whether United have the financial muscle to go into a straight fight with Chelsea for the midfielder, but a decent opening gambit could see Aulas enter into negotiations in a bid to end the long-running saga.

Editor: Donald