The 29-year-old striker signed on a free transfer during the summer after a disappointing four-year spell at Newcastle, and will be hoping to reignite his career at Old Trafford.
Owen came on in United's penalty shoot-out defeat to Chelsea in the Community Shield on Sunday, but failed to make a significant impact.
But despite missing out on Fabio Capello's squad for England's game against the Holland on Wednesday, Ferguson believes Owen can force his way back into the Italian's plans.
"Michael has just arrived at the club, and his pre-season work has been very promising for us," said the Red Devils boss.
"We are very, very pleased with him. He has not missed a training session, has shown a great attitude and good professionalism.
"His time will come because once he starts bedding in and getting regular football with us, which he will do, then that is the best way for him to get into the England squad.
"I did not expect Fabio to pick him on the back of what he did 10 years ago. What he does this season with us will be the deciding factor for him.
"I hope he does go to the World Cup because it would be a great tribute to him, and also more significantly, he would have done well for us."