Owen has been overlooked by England boss Fabio Capello after an injury-hit spell at Newcastle.
Gerrard said: "I'm a big fan of Michael Owen, a good friend of his. I'd love to see him get a move from Newcastle to a big club and get his England career back on track.
"I do believe he can play for England again. He has suffered a lot with injuries for the past couple of years but I believe a fit Michael Owen has got the ability to be involved in the squad.
"I'm sure he will be desperate to get back playing football again, staying fit and scoring goals. That is what he loves doing."