Owen played alongside Rooney with both United and England and believes it is the forward's desire to be appreciated rather than anything else that has prompted the talk of unrest.
"I don't think it's a case that it's his last chance for a big move, you don't get anywhere bigger than Manchester United," Owen told talkSPORT.
"It's more a case of, is he wanted, is he loved, is he appreciated? He wants to be the top man, the main goalscorer, and I think that's what it all boils down to.
"I think one thing that may have knocked him off his stride a bit last season was Robin van Persie coming in and becoming the main man.
"If you're the striker in a team for so long you like having that pressure it puts you under, and when someone comes in and gets picked ahead of you on certain occasions, it knocks your confidence a bit and consequently he's not feeling on top of the world.
"He wants to be scoring goals on a regular basis for Manchester United. If that's going to happen then he'll be more than happy to stay.
"His ideal situation would just to be back in the United team, feeling at the top of his game again and staying put.
"Why would he want to move away from a club like Manchester United?
"But they've got a new manager now, so hopefully [David] Moyes and Rooney will be on the same page he'll be back and banging the goals in next year."