The Uruguayan ace continues to be linked with a summer departure but former Anfield great Owen suggests the club would have no hope of producing a Champions League finish if they offloaded him.
"I'm sure the club will be doing everything they can to keep him. I'm sure the majority of fans, in spite of what's been said, will want to keep him," he told Sportsmail.
"You're always going to get split opinions but if you are a Liverpool fans, then you know up close what he can produce on the pitch.
"Champions League football is so lucrative now that if you don't get in it, then everyone else is stealing a march on you and the gap becomes bigger. I think the transfer market is the biggest thing for the likes of Arsenal and Liverpool this season - to keep hold of your best players, certainly in Liverpool's case and also to strengthen the squad. It is one of the most important transfer windows of their history."