The existence of such a clause has been ruled out by the club, and Allardyce's first focus is keeping the injury-hit Owen fit and scoring goals for the Magpies.
A metatarsal injury ruled Owen out for the much of his first season, and his second was wrecked by the cruciate ligament damage sustained on England duty in the 2006 World Cup.
Allardyce told The Daily Mail: "There is no clause in Michael Owen's contract. There's no way Michael can leave unless we want him to.
"Saying that, if Michael was as determined as some players are when they decide they want to go, that would be a different story.
"But at the moment, we're hoping Michael stays fit and plays continuously for Newcastle from now until the end of the season.
"If he does that, we can have a good look at the situation then."