The 32-year-old was released by Manchester United in the summer and was linked with a move back to Liverpool after Rodgers loaned out Andy Carroll to West Ham.
But Owen ended up joining Stoke City, and the former Swansea boss admitted the England international was never a target as he hopes to give Liverpool’s young blood a chance to shine.
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"Liverpool didn't consider Michael Owen," Rodgers told talkSPORT. "If we didn't get the targets that we hoped to get in the transfer window, I was going to go with what I had.
"There's no point putting money into the academy and then not giving young players a chance. Look at the impact Raheem Sterling has made as a 17-year-old. All I've given him is an opportunity and he's gone on and taken it.
"We've got a number of other young talents and hopefully over the coming months we can see them and see how they flourish."
Liverpool have endured a poor start to the season, and face Sunderland at the Stadium of Light on Saturday aiming to register their first league win.