The former England international has spent three years at Old Trafford and will be fondly remembered by United fans for his injury time winner in the 4-3 derby win over Manchester City in his first season.
However, injuries and stiff competition for places from the likes of Wayne Rooney, Javier Hernandez, Dimitar Berbatov and Danny Welbeck mean Owen has never been a regular at Old Trafford and indeed has made just four appearances this season.
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His last appearance in a United shirt came back in November of last year in the 2-0 Champions League win over Otelul Galati, when he was forced off with a thigh injury after just 10 minutes, and Owen has now revealed he is leaving the club.
"The manager informed me after our testimonial match on Tuesday that the club would not be offering me a new contract," the striker revealed on his Twitter account.
"I have loved every minute of the 3 years I have spent at such a fantastic club. I would like to thank the players, staff and fans for their support and wish them well for the future.
"I now plan to have a short holiday during which I will contemplate my next move."