The Stoke City striker, who has had stints at Liverpool, Real Madrid, Newcastle United and the red half of Manchester, believes that United boss Sir Alex Ferguson will be urging his players to lift the Champions League trophy.
"Sir Alex Ferguson at the minute has got one of the best teams he has ever assembled," Owen told Sky Sports News. "He will be thinking what a waste if we don't win another Champions League in the next few years.
"This year his team are pretty healthy, no main players are injured, they are in good form and everything is perfect in the United camp at the moment and you have to take advantage."
United will have to get past Real Madrid tonight in order to reach the quarter-final stage.