The Red Devils striker has a fractious relationship with Old Trafford boss Sir Alex Ferguson, but the Stoke man does not think the 27-year-old has many suitors.
The Red Devils forward, who was signed from Everton in 2004, was left on the bench for United's crunch Champions League tie with Real Madrid on Tuesday - a match they went on to lose in controversial circumstances.
The dropping of the forward in such a crucial match has led to speculation that United may look to offload Rooney in the summer, but Owen says that his star power leaves very few options available.
"Sometimes when you're at the level he is at you don't have many options," he told talkSPORT. "If you are a mediocre player you have 20 teams in England and aboard that you can move to.
"If Wayne Rooney moves, where does he go to? Real Madrid, Barcelona, Bayern Munich, Manchester City, Chelsea and PSG, there's only half a dozen teams."
The 33-year-old, now at Stoke, is not convinced that Rooney will actually leave the club at all, however, suggesting he has the attributes needed to bounce back from the setback.
"It's just speculation though," he continued. "He's been dropped for one game and I'm sure he will bounce back.
"Obviously Wayne has got to get his head down now and start recapturing his best form. He's certainly got the right attitude and ability to get back into the manager's thoughts."