A dramatic swoop hasn't been ruled out.
However, Rafa Benitez has already made other arrangements in the transfer market and would need convincing to move for the 25-year-old striker.
The European Champions have not budgeted for a bid for Owen, who joined the club as a schoolboy but decided to leave for Spain in an £8m deal last year.
Although Benitez could be in the hunt for a proven goalscorer before the transfer window closes, that would depend on how much he could raise in player sales.
His first priority is a target man, with Southampton's Peter Crouch still top of his wish list.
Liverpool are interested in the possibility of arranging a year loan deal with Real Madrid for Owen, but that would require some skilful negotiation and appears to be an extremely optimistic option at this stage.
Owen left with the Real Madrid squad for a summer tour of America yesterday, but he's anxious to return to England before the start of the season - and Liverpool are currently the only club which interests him.
Model professional Owen has never publicly expressed any discontent about life in Madrid, but privately he's become increasingly disillusioned since leaving England.
On the pitch, Owen's goal record defies the accepted view he's failed to make an impact in Spain.
He scored 14 goals in 22 starts, but he's never completely settled and has found himself regularly on the bench, despite his impressive goal ratio.
Owen scored 158 goals in 298 appearances of an Anfield career which began in 1997 and is seventh on the list of the club's all time goalscorers.
Meanwhile, the Luis Figo saga should be resolved this weekend.
The only issue now is Figo's pay-off from Real Madrid.
The Spanish club are no longer demanding a fee for the Portuguese star.
The 32-year-old midfielder is in the United States but will leave the Madrid tour when he's decided between Liverpool and Inter Milan.
The Reds are now in Switzerland preparing for the clash with Bayer Leverkusen in Austria tomorrow night.
I'm not sure what to make of story by the Echo. For a while I've thought of Micky Owen as a little bit of a "Rush to Juventus" and that he could be coming back after just one season away. However, being a young lad I don't recall Rush messing us around and leaving on the cheap or even if he cost more to bring him back than we sold him for.
Having said that if we could land MO for the same kind of price as we seem hell bent on spending for Crouch (or even a smidge more) I'd be all for it. Whether he leaves or stays Owen will do well, but only if he gets the game time. It would be interesting if we took him on loan for the season, only to buy him for a much more reduced price next Summer.
They claim that he won't go anywhere other than LFC if he returns, although in truth I'm sure he would have a hard time turning down, say Chelsea if they made an offer. However, he should be aware that, if he moves back to Anfield, Rafa would no longer see him as the golden boy before he left last summer.
I still rate him as a player and a forward and if he came back it would be awesome: Morientes, Baros, Cisse, AND Owen! The best part though is that I don't believe that Rafa (unlike his predecessor) build a team around him, and instead make him part of a squad that is really going places.
The only question remains is how the fans will respond. For my money anyone who puts on a red shirt and plays their part gets my support. I fully understand why he left last year, and I'm sure that he regrets it, he surely must have known that with Cisse gone for most of the season, he would not only have been celebrating in Instanpool, but also Cardiff and would've helped us look respectable in the league (the bonus being that the Toffee's would be in the UEFA Cup and we'd have no qualifying games to go through).
It's all early doors right now, but with our other top target being Crouch, it's a lot more fun to get excited about.