The free agent surprisingly joined the Red Devils on a two-year contract on Friday after previously being linked with the likes of Hull City and Stoke.
Newcastle shelled out an estimated £17million on the striker four years ago, but despite a series of injuries blighting his time at St James' Park Yakubu believes his reputation remains intact.
Yakubu was not surprised by Owen's Old Trafford switch and believes the 29-year-old will regain his form for the champions.
No surprise"It's not a big shock. He's a great player. He's a great striker. He can score goals there," he told Sky Sports News.
"I wish him the best and I still believe he can score goals."
Meanwhile, Yakubu insists manager David Moyes will have the final say on transfers at Everton this summer, although he does not mind who comes and who goes after recovering from a long-term injury.
"It's important [to keep the squad together], but it's down to the manager to decide who he wants to keep and who can leave," he continued. "I'm just so happy to be back and start training again."