The other first-team player along with Owen to have been released is goalkeeper Tomas Kuszczak.
18-year-old goalkeepers Liam Jacob and Joe Coll are the other two players to have left the club.
Player can officially join or leave clubs from the 1 July with the Old Trafford side confirming on Monday morning that the four players have been released.
Michael Owen has suffered with injury problems since joining United on a free transfer back in summer 2009.
The former Liverpool and Real Madrid striker had revealed back in May that he had not been offered a new contract.
The 32-year-old is still looking for a new club with Stoke and UAE-based side Al-Shabab linked with a move for the forward.
The former Newcastle player’s biggest highlight for United came when he scored the winner in the 4-3 derby win over Manchester City in September 2009.
Kuszczak has suffered a frustrating last season at Old Trafford as Sir Alex Ferguson has chosen to use David De Gea and Anders Lindegaard ahead of the 30-year-old.
The Polish International has signed for Brighton with the opportunity of securing first-team football under manager Gus Poyet.
United have stated on their official website that they wish the four players the best of luck and thank them all for their service to the club.