Owen was forced off during the Magpies' 3-1 win over West Ham on Sunday after feeling his groin injury play-up.
And it is now thought that Owen may require an operation to fix the problem, which would rule him out of England's upcoming Euro 2008 qualifiers next month.
"I will look after Michael Owen's interest and Newcastle's, and no one else," the former Bolton boss said in the Daily Mirror .
"If he needs an operation we will find the best surgeon in the world and then he'll recover quicker than anyone. If he needs it we will find the best."
Allardyce had already confirmed that Owen will miss Newcastle's Carling Cup tie against Arsenal on Tuesday, but is still unsure of the extent of the injury.
He added: "I will wait for them to tell us what the problem is and what is needed."