Owen has not played for England for about 17 months but with his shock move to Old Trafford, Giggs believes he can force his way back into national team contention and get the nine goals he needs to overtake Charlton.
"Coming here has given him a new lease of life, especially as we are a team who make a lot of chances. He'll be confident of putting them away," Giggs said.
"I'm sure if he is playing and scoring for United then the rest will come. Sir Bobby's record has proved a difficult one for anyone to overhaul.
"But looking at Michael's ratio of goals and games for England you'd have to say if he plays another 15 internationals he'll probably overtake it."