Everton manager David Moyes has made no secret of his admiration for the former Liverpool forward, and is keen on a loan move to bring him to Goodison Park.
The 31-year-old Owen has struggled with injury this season, but is now back to fitness.
Since arriving from Newcastle, Owen has failed to demand a regular first-team spot at United.
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Meanwhile Bolton are ready to swoop for Danish winger Michael Silberbauer.
The 29-year-old Utrecht midfielder is valued at around £1 million and seen as the ideal man to strengthen Bolton's squad by Owen Coyle.