The 33-year-old has been out of first-team action with groin and hamstring problems since 27 October.
Owen declared himself "raring to go" after coming through 70 minutes of a behind-closed-doors friendly on Tuesday, but Pulis is wary of hurrying the former Liverpool, Newcastle and Manchester United striker back.
Pulis said: "Michael did smashing on Tuesday, came through 70 minutes, but he needs more work on the training ground, a bit more strength
"He needs another couple of weeks of full training, another game or two first before we chuck him back in.
"That's because every time we've tried to get him in there he has broken down, and maybe that's because we've tried to push him a little bit."
Don't miss any live and exclusive football coverage this festive season. Click here to visit Sky Sports' Festive Calendar