Michael Owen revealed yesterday that Sir Alex Ferguson only moved to sign him on Wednesday afternoon as the Manchester United manager realised Karim Benzema was joining Real Madrid.

As Owen completed his shock free transfer to United, it emerged Ferguson turned to the player once the scale of Madrid's dominance in the market became apparent.

Owen said that he was called personally by Ferguson on Wednesday and asked to have breakfast with him on Thursday morning when he was invited to sign a two-year deal. Owen said: “I had just begun to talk to other clubs when out of the blue Sir Alex phoned me on Wednesday afternoon, invited me to have breakfast with him next morning during which he told me that he wanted to sign me.

“ I agreed without a moment's thought. This is a fantastic opportunity for me and I intend to seize it with both hands.”

It is understood United's interest was sparked around 12 June when Owen's representatives Wasserman Group (WMG) sent out a brochure on behalf of their out-of-contract client. At the time, the 32-page document was widely regarded as an embarrassment within football but it evidently proved food for thought for one manager in particular.

However, then Ferguson still believed that having just accepted an offer from Real Madrid for Cristiano Ronaldo, he was in a strong position to sign the former Lyons striker Benzema.

But with the news on Wednesday that Benzema was also signing for Madrid — and with Ronaldo and Carlos Tevez already gone — Ferguson decided it would be prudent to sign Owen immediately or risk starting the season with severely depleted resources.

The Owen camp were always confident that their erstwhile star client, previously on £108,000 a week at Newcastle, would not be playing at Hull City or Stoke City next season. However, even they were surprised when the first positive response from United was relayed back to them.

The player yesterday drove to United's Carrington training base first and then went to the BUPA hospital in Whalley Range in Manchester for further tests. He left there around 5pm and headed back to Carrington.

Owen said: “I am now looking forward to being a Manchester United player and I am fortunate that I already know so many of the players here. I missed pre-season last year and am pleased that I will be starting at Carrington from day one. I want to thank Sir Alex for the faith he has shown in me and I give him my assurance that I will repay him with my goals and performances.”

Ferguson has been eclipsed by Madrid in the transfer market this summer, a summer in which the pool of international talent has been extremely limited. Milan's Kaka and Benzema have both joined Madrid and while United and Chelsea still hold out a frail hope of signing Franck Ribery, the Frenchman has made it clear he wants to move to Madrid above anyone else.

Ferguson said: “Michael is a world class forward with a proven goalscoring record at the highest level and that has never been in question,” said the United boss. “Coming to Manchester United with the expectations that we have is something that Michael will relish.”

Ferguson considered a move for Owen two summers ago when the player still had two years left to run on his contract and a clause in his Newcastle deal meant he was available for £9m. In the end he agreed a loan deal for Tevez that summer.

But with his options looking distinctly limited this time around, Ferguson has gambled on signing a player who he first tried to bring to United when Owen was 16 years old and considering his options before signing for Liverpool.