Owen made 52 appearances in three years for Man Utd, scoring 17 goals.
Owen spent four years at St James' Park, netting 30 times in 79 games, which cost Newcastle (in wages and transfer fee) a staggering £1.3million a goal.
The 32-year-old said: “At 32, I've still got a few years in me.
"At this stage of my career it has to be something that I'm going to enjoy doing.
"Not being disrespectful when I say I wouldn't play in the Championship.
"Always said I wouldn't drop down the leagues like some have done.
"After playing for Liverpool, Real Madrid, Newcastle, Man Utd and England, I don't think I would enjoy that football.”
Who will take a chance on the injury-prone player?NEWCASTLE UNITED PRE-SEASON FIXTURES
Fri 13.07.2012 Chemnitzer FC v NUFC (at Stadion an der Gellertstrasse, Germany - 6.30pm KO)
Mon 16.07.2012 AS Monaco v NUFC (at Hacker-Pschoor-Arena, Germany - 7.00pm KO)
Sat 21.07.2012 Fenerbahce v NUFC (at Stadium Sopron, Hungary - 7.00pm KO)
Fri 27.07.2012 NUFC v Olympiakos (at Algarve Stadium, Portugal - 8.45pm KO)
Sat 28.07.2012 NUFC v SC Braga (at Algarve Stadium, Portugal - 8.45pm KO)
Sat 04.08.2012 ADO Den Haag v NUFC (*an exhibition game) (5.00pm KO)
Sat 11.08.2012 Cardiff City v NUFC (at Cardiff City Stadium, Wales - 3pm KO)