The Hammers were relegated from the Premier League last season, a result that immediately intensified talk around their most prized assets. Bowen and midfielder Matheus Fernandes have both been heavily linked with departures, with the captain attracting interest from multiple top-flight clubs.
Newcastle United are among the sides monitoring Bowen's situation closely. Eddie Howe is said to be an admirer of the 29-year-old and would view him as a marquee addition, with the Magpies potentially in the market for two new forwards this summer.
One role would cover the departure of Anthony Gordon, while the second would address uncertainty over Jacob Murphy's future on the right flank. Newcastle's recruitment team, led by Ross Wilson under the club's PIF ownership, have also been exploring younger and cheaper alternatives on the continent, including Victor Munoz, suggesting the appetite for a 29-year-old marquee signing is not yet confirmed at boardroom level.
Speaking to The Times, Kretinsky addressed the speculation directly and outlined the club's position heading into a Championship campaign.
"We have a very credible strategy. We don't need to sell the players for financial reasons."
The Czech billionaire, who holds a significant stake in West Ham United alongside co-chairman David Sullivan and Vanessa Gold, framed retaining the squad as central to the club's promotion ambitions.
"We are doing this to make sure we are promoted back to the Premier League immediately. That is our only goal."
Kretinsky went further, suggesting that the willingness of key players to stay depends on what they see from the club's leadership during a turbulent period.
"Key players are waiting for us. They want to see there is a real chance of keeping the squad together."
He added that funding and clarity of purpose would be the deciding factors in convincing the squad's senior figures to commit to the rebuild.
"What matters is funding, strategy and consistency. We have spoken to all of them. They need to see that our project is real and serious. Promotion is our only goal."
The comments arrive at a sensitive moment for West Ham, with the club still dealing with fallout from the departure of David Sullivan amid wider governance upheaval. Kretinsky's remarks represent his most direct public intervention yet on the football side of the operation, and will be read by many as a signal of his growing influence at the London Stadium.
Bowen, who scored nine goals and provided 11 assists last season despite West Ham's struggles, remains the club's totemic figure. Keeping him registered for the Championship campaign would represent a significant statement of intent regardless of what happens with the rest of the squad.
For Newcastle, the situation leaves them watching from a distance for now. Whether Bowen's own wishes, reportedly to remain and help West Ham bounce straight back, ultimately outweigh boardroom interest in a move south to north will shape one of the more significant subplots of West Ham's summer.