Real Madrid forward Michael Owen will be unveiled as a Newcastle player at 1200 BST on Wednesday.
The England striker, who passed his medical on Tuesday, has agreed a four-year deal and is believed to have cost the Magpies a club record £17m.
Newcastle chairman Freddy Shepherd said: "Bringing Michael here will rank alongside the signing of Alan Shearer as my proudest moment at Newcastle."
Liverpool had wanted to re-sign Owen but baulked at Real's asking price.
And once Owen completes his move to Newcastle, his arrival at St James' Park will eclipse the money the club spent in signing Alan Shearer for £15m from Blackburn in July 1996.
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http://news.bbc.co.uk/sport1/hi/football/teams/n/newcastle_united/4196760.stmAs a Newcastle fan I am very pleased, but I am even more in surprise!