The former Real Madrid and Liverpool striker is the most high-profile departure from Old Trafford and is joined by three goalkeepers who also say goodbye to the Red Devils
Tomasz Kuszczak has also left the club along with teenage goalkeepers Liam Jacob and Joe Coll, the Premier League club confirmed on Monday.
Former England international Owen has suffered with injury problems since joining United on a free transfer back in summer 2009 and the former Liverpool striker had previously revealed back in May that he had not been offered a new contract.
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The 32-year-old enjoyed some memorable moments at Old Trafford, most notably scoring the winner in the 4-3 derby win over Manchester City in September 2009.
Kuszczak, meanwhile, has suffered a frustrating last season at Old Trafford and has fallen down the pecking order with David de Gea, Anders Lindegaard and Ben Amos Sir Alex Ferguson's preferred options.
The Polish international will now move to Championship side Brighton having agreed a two-year deal with Gus Poyet's men.