The 33-year-old, who began his career at Liverpool from the age of 11, sparked controversy when he signed for the Reds' arch-rivals on a free transfer five years after leaving the Merseyside club for Real Madrid.
"If I hadn't have signed for Man United, the other option at that time was Everton and I don't think a lot of Liverpool fans would have been happy if I had gone there either," the Liverpool Echo quotes Owen as saying.
"Anyone with any nous or normality about them realises that you only get one shot at it. You have got to do what's best for your career and to play at the highest level.
"I played for Liverpool from the tender age of 11 with Stevie Gerrard. Liverpool is in my blood and I want to see them do well. I've been back to Anfield a couple of times already this season and the reception I've had has been great."
Owen now works as a pundit for BT Sport after deciding to retire from the game at the end of last season following a stint at Stoke City.