The hot-shot has been given the famous shirt last worn by Cristiano Ronaldo, while others to don the number include David Beckham, Eric Cantona, Bryan Robson and George Best.
Ferguson's decision to hand Owen the shirt came as a surprise to some United followers who were opposed to his arrival at the club, given he is a former Liverpool star and endured a difficult season at Newcastle last term.
But Owen has put such criticism to one side by scoring four goals on United's Far East tour, while Ferguson believes the striker will do justice to the iconic shirt.
"The criteria for the number seven is quite clear," said Ferguson. "It is a jersey that has been worn by some high-profile players and we have that in Michael Owen.
"You have to choose someone you are confident can carry that on and his profile in the last decade has been outstanding.
"I am not concerned about what the supporters think - it is important to give it to someone who is confident and comfortable and he was a natural choice."