Owen believes Rooney could be on his way after his axing for the Champions League defeat to Real Madrid.
"Sometimes when you're at the level he is at you don't have many options," said Owen.
"If you are a mediocre player you have 20 teams in England and aboard that you can move to.
"It's just speculation though.
"He's been dropped for one game and I'm sure he will bounce back.
"Obviously Wayne has got to get his head down now and start recapturing his best form.
"He's certainly got the right attitude and ability to get back into the manager's thoughts."