The former Manchester United and Liverpool attacker has been heavily linked with the Glory over the past few days but Ferguson has made it clear that Owen's potential shift down under will not be occurring.
"Michael is a player who comes with a high pedigree but it's not the direction I want to take the club," Ferguson said of the ex-England international.
"I am looking for a younger player and a player who has been playing more regularly.
"I have three or four irons in the fire that I am pursuing, which is good.
"In terms of Michael, there was contact from an agent if we were interested, it was discussed at a good level, but I have made the decision he is the not the player needed at Perth Glory."