Ravaged by injuries, lacking the pace that was his trademark and struggling for goals, the striker has been an expensive flop.
Including wages and transfer fee - he cost Newcastle £40.5m - making him a disaster signing.
This season he has cut a forlorn figure consigned to a mere handful of first team appearances, and it was no surprise when the media claimed he was thinking of retiring.
What has he to play for? He owns more houses than Northumbia Council, has a helicopter, is a millionaire many times over, and his love of horse racing has taken over his desire to show passion on a football field.
With wages thought to be £110,000 a week, who will take him?
The striker is out of contract in the summer and, through rejecting the club's attempts to extend his deal in the winter, has made it clear that he has little intention of staying at St James' Park any longer than he has to.
Manchester City were thought to be favourites to secure Owen's signature, but Mark Hughes has made it clear he has bigger fish to fry.
Everton and Aston Villa are also linked with the player, but Everton insist he would have to half his wages.
A transfer to Everton is a decent bet, although Owen's strong ties to Liverpool may make it tough for the fans to take.
But David Moyes is looking for a big name to give his side some Street Cred as they battle on the European stage next season.
That is probably the most exciting option available to Owen and don't rule it out.