Ferguson poised for a cut-price Mersey return

But it looks certain he won't be in Toon next week.

The big Scot is likely to be pulled off the plane to finalise a cut-price £3.5m return to his former club Everton.

A move is imminent after Goodison boss Walter Smith last night claimed the clubs had virtually reached agreement over the sale.

The Geordies are bracing themselves to take a swingeing £4.5m loss on the striker who cost £8m when Ruud Gullit signed him from Goodison 21 months ago.

On top of that, Newcastle have forked out a further £3m in wages even though Ferguson has started only 24 Premiership games because of injury.

And they may even have to throw in a £1m 'sweetener' because Ferguson has not asked for a move and still has more than three years to run on his contract.

It adds up to the most expensive transfer in the club's history and it's sure to go down as another black mark against Gullit among United supporters.

Ferguson has been popular on Tyneside, but injuries prevented him making a major impact.

Now agreement on the compromise deal clears the way for his return to Merseyside, even though he would need to take a £15,000 weekly pay cut to speed the move.

Everton manager Smith clearly expects the transfer to be finalised soon. He said: "We are still talking to Ferguson about personal terms and we have been in discussions with Newcastle and reached an agreement that is nearly complete.

"I won't say whether I'm confident because you never know about these things. But I am hopeful.

"His lack of pre-season football does worry me, but as he's not yet an Everton player I won't get too concerned about that."

Newcastle boss Bobby Robson is a Ferguson fan but he is willing to cut his losses and let him leave because he has Alan Shearer, Carl Cort, Daniel Cordone and Kevin Gallacher already fighting for a place.

Recent £7m signing Cort said last month that he had learnt from Ferguson as well as Shearer. He said: "I've always rated him and since I arrived I've seen he has even more ability than I thought."

The cash from the imminent sale will boost Robson's summer transfer kitty to more than £11m - money which has already been eaten up by the arrival of Cort and Argentine duo Cordone and Christian Bassedas.

But there should be more in the pot for the Geordies' boss following Steve Howey's £3m switch to Manchester City yesterday.

Robson has so far transferred six players - Alessandro Pistone, Silvio Maric, Lionel Perez, Stuart Elliott, Temur Ketsbaia and Paul Robinson - for a combined total of more than £7.5m. And he's set to almost double that with the sale of Ferguson and Howey.

The Newcastle boss is likely to put any further income towards signing another midfielder as well as a defender.

He could go back to Deportivo La Coruna for Portuguese international stopper Helder, who had a loan spell on Tyneside last season.

Howey yesterday agreed to Premiership new boys City after an early morning dash to Maine Road.

Manager Joe Royle backed the injury-plagued defender to regain his fitness and his England place.

City have agreed a fee for the 28-year-old which involves a down payment of £2m with a further £1m based on appearances.

The manner of payment reflects Howey's run of bad fortune which has hampered his career with club and country. The centre-half was locked in exhaustive medicals all day after agreeing personal terms.

But Royle said: "I saw Steve play in a pre-season friendly for Newcastle at Burnley a couple of weeks ago and he looked very fit. He is a centre-half with four England caps who is extremely comfortable on the ball.

"Looking at England in that position there is nothing to say that if he gets fully fit he couldn't get back into that squad.

"For someone who is only 28, an international and a proven Premiership player, the fee represents good value.

"He has had a couple of lengthy injury lay-offs but we are led to believe he is fully over those. If he is fit then we have a real bargain."

Royle moved for Howey after failing with a £7.5m offer for Aston Villa's Ugo Ehiogu.

And the City boss has not ruled out the possibility of him being involved in this afternoon's visit to Everton in a testimonial for former Goodison favourite Joe Parkinson.

Howey's 14-year career at Newcastle has been plagued by injuries although former boss Gullit thought enough of him to offer a four-year contract. Operations on both calf muscles have been among Howey's main problems, while a freak ankle injury ruled him out of Euro 96.

Royle has not ruled out the possibility of moving for another centre-back,with Sunderland's Paul Butler and Darren Williams under consideration.

City hope to recoup some of their outlay with former Middlesbrough midfielder Jamie Pollock agreeing a £600,000 move to Crystal Palace and £1.6m striker Bob Taylor in talks with Portsmouth and Wolves.

Kieron Dyer, meanwhile, looks certain to face Manchester United in the Premiership opener at Old Trafford in eight days' time. The midfield man has been struggling with a shin injury but is included after a successful 45-minute reserve team comeback in midweek.

l Silvio Maric, FC Porto's former Newcastle midfielder will be out for six months after undergoing a knee operation. Maric moved from St James' over the summer and injured the knee in the 1-0 defeat to Anderlecht in a midweek Champions League qualifier.