Houllier revealed earlier in the week that he would welcome the opportunity to work with Owen again following their successful time together at Liverpool.
Owen's lack of regular action for United prompted suggestions that the 30-year-old could be on his way to Villa Park in the January transfer window.
However, Red Devils boss Ferguson is not planning to let the forward leave and has reassured Owen he will feature enough this season.
"I'm not aware of Gerard wanting him but, anyway, he's wasting his time there," Ferguson told The People.
"I understand Michael's frustration, but Dimitar Berbatov has started the season so well.
"He'll start against Scunthorpe in the Carling Cup and he'll get enough football this season."
Owen has started only five Premier League games for United since moving to Old Trafford in 2009 and has made three substitute appearances this season after playing the opening 45 minutes of the Community Shield.