He remains reluctant to discuss when he will be back, but let's be honest here. He made the World Cup his priority when he first returned (only to get injured playing for England), and despite constant rumours he will one day play again for Liverpool ... he owes Newcastle BIG TIME!
Owen says he is determined to taste Premiership action during the current campaign.
Glenn Roeder: "I think it's important that Michael's aim is to get back before the end of the season.If he was saying, `I don't think I will play this season', it would make the rehab much harder for him. Next season sounds like such an awful long time away, whereas the end of this season will soon come around.
"Michael's right to set that target and I hope he makes it. If he doesn't, it won't be for the lack of trying because he has really grafted. We are still too far away to know whether he will make it or not. All we can say is that the rehab is going really, really well.
"I see Michael once or twice a day when I pop into the physio's room to see how Emergency Ward 10 is going. You see him in the corner doing his rehab work and, when you ask him `how is it feeling?' and `is it feeling strong?' he comes up with all the right answers - the things you would want him to say.
"He says it is feeling strong and he is saying there's a chance we might get him fit before the end of the season. If that happens, it would be a massive bonus - I can't tell you what a bonus it would be to have Michael fit before the end of the season. But we also have to accept that there is a potential that it might not happen.
"Michael has not kicked a ball yet and he's nowhere near being able to do that yet. I don't think that he's jogging at the moment, either. He is just concentrating on doing a lot of strengthening work, getting the knee straight and flat and into a position where he can put strength back into the leg before he can start jogging again.
"I don't know when that will start because I don't need to. That's still too far away for me to be thinking about. But it is going well."