Owen insists he only wants to play on at top-flight level, whether at home or abroad.
He said: "I don't think the Championship would be an option if I am totally honest.
"I don't feel I have lost the ability to score goals or play at a high level.
"I have been playing and training with top players all my life and that was one of the attractions in going to Man Utd.
"We will wait to see where that is. If it is not the Premier League then I may look farther afield.
"I don't think I will be dropping into the Championship."