He has laughed off the rumours and has sought to distance the club from such talk.
He admits he is in the market for quality recruits, but insists he has no plans to make an approach for Owen.
"The rumour has come from the internet, I understand, and that is where it belongs," Clough said in the Derby Telegraph.
"Silly 'names' are going to be bandied around but we have identified our targets.
"We can expect this type of thing over the coming weeks but some of the rumours are going to be more ridiculous than others and certainly the Michael Owen rumour fits into that category.
"It is unfortunate Kenny Dalglish has just gone back into management because we could have gone for him as well!"