After four difficult seasons with Newcastle United, Owen is ready to relaunch himself at Old Trafford after jumping at the opportunity to join Ferguson, who also believes the striker will fit in perfectly to the Scot's rotational policy.
Ferguson said: "He is worth the risk. Sometimes you have a punt, a bet or a gamble. I first tried to sign him when he was 12, so we have been waiting for this.
"You just start to think, 'these bloody transfers, we can carry that, we can carry Michael Owen.'
"We are the one club that can carry him because I rotate all the time anyway.
"I won't ask him to play every four days. I might only ask him to play every ten days."
Owen has already said he feels rejuventated as he aims to get back into the England squad. And two goals on Manchester United's Far East tour will have given Fabio Capello signs that he could find himself back in the pecking order at international level.
Ferguson has already handed Owen the club's famous No 7 shirt, worn by star players such as George Best, Eric Cantona, David Beckham and Cristiano Ronaldo.
He said Owen had enough experience to handle any baggage that may accompany the honour - despite the news that the shirt may only get seen three games a month.
"It's been worn by high-profile players at our club over the years," Ferguson, who saw both Ronaldo and Carlos Tevez leave Old Trafford in the close season, said.
"But Michael is a high-profile player and he has the experience to handle that honour."