Owen is back in training, but when asked about the chances of him featuring against Valencia on Saturday, KK told nufcTV: "I don't think so.
"Michael will want to play and maybe have half a match, but I've told him I won't risk him.
"He'll be fit for Manchester United as long as he doesn't have any setbacks. He's just started running again and done a lot of strength work. He's a very fit boy.
"We must get some football into him again now but we can do that internally without throwing him into a game five days after his comeback."