The release of veteran wide receiver Terrell Owens by the Dallas Cowboys on Wednesday night has people speculating about the possibility of Owens catching passes for the Raiders this season.

That scenario became a little less likely with the news Thursday that Raiders starting receiver Javon Walker restructured his contract in such a way that he isn't going anywhere this season.

The Chronicle first reported that Walker restructured the contract he signed with the Raiders a year ago. The Raiders confirmed the report.

"This shows Javon's loyalty and commitment that he has made to our football team," Raiders senior executive John Herrera said. "He's coming off a year in which he was injured but he's been a very productive player in this league. It's not a stretch to think that he will get back to that level."

Walker, 30, caught 15 passes for 196 yards and one touchdown in eight games for the Raiders last season. He missed the first game with a hamstring injury and the final seven with an ankle injury that required surgery.

The Raiders paid Walker $12 million last season as part of a multi-year deal for the former lead receiver for the Green Bay Packers and Denver Broncos. The Broncos released Walker the week before the Raiders signed him because they didn't want to pay him a $5 million roster bonus.

The Raiders were faced with paying Walker a $5 million roster bonus Tuesday, as well as a $4 million base salary for 2009.

Instead, he and the Raiders worked out a compromise that guarantees Walker a $2 million base salary this season and $2.6 million in 2010, the Chronicle reported, in exchange for waiving the roster bonus and base salary he was scheduled to receive under terms of the original contract.

The Raiders still have to account for the $1.83 million signing bonus proration from Walker's original contract. Therefore, the Raiders reduced the salary-cap hit on Walker by $7 million for this year, from $10.83 million to $3.83 million.

Owens, 35, caught 69 passes for 1,052 yards and 10 touchdowns for the Cowboys last season. He received a $12 million signing bonus as part of a new contract last season but, in the end, proved too much of a distraction for the Cowboys.

Herrera said the Raiders allowed to comment on a player until he clears waivers. That happened Thursday afternoon. Herrera could not be reached for comment once Owens cleared waivers.