The former England striker came off the bench to secure United a point with a headed goal in Sunday's 2-2 draw at Bolton to remind Fergie of his enduring goalscoring prowess.
And on the eve of United's Champions League tie in Valencia, Fergie said Owen's recent goalscoring heroics had not gone unnoticed and that the 30-year-old forward was not a forgotten man.
"Michael's contribution doesn't go unnoticed," said Fergie. "It was a fantastic goal against Bolton.
"He's fit and his training performances have been terrific ever since he joined us.
"He is a really outstanding footballer and I think he's improved since he came to our club."