The Swede handed Owen 56 of his 80 England caps and saw him score 28 of his 40 international goals.
And he sent his old star striker a "chin up" message after watching his two-goal Carling Cup performance for Manchester United in the 3-0 win at Leeds.
Eriksson said: "Everybody saw that Michael scored two fantastic goals - the second of them was quite incredible.
"Michael looks stronger than before, he looks very fit too, and if that is the case I am sure we will see much more from him.
"He certainly still has the ability. He is a born goal-scorer and there are not many of them around."
The Swede added: "He has always scored goals wherever he has been and whoever he has played for.
"How old is he now? Just 31. It means he has three or four years at least left to play at the top level."