The former forward believes the want-away youngster would not prove difficult to replace should he leave.
Sterling’s future at the club remains in doubt as he has failed to agree a new deal with the club despite months of negotiations and offers.
That has led to speculation he will be leaving Liverpool this summer, despite having two years remaining on his current deal, with a number of Europe’s top sides rumoured to be monitoring the situation.
It would be a big blow for Liverpool to lose one of their star men, although Owen believes he would not prove difficult to replace should he leave Anfield.
“Put it this way: a year ago they lost Suárez and he’s irreplaceable,” he said.
“You cannot replace someone that good. If Liverpool lose Sterling, they can replace him with the money you get. He’s a very good player with lots of potential, but you can replace him.”
The future of the England winger, who was recently booed by sections of the crowd in the friendly with the Republic of Ireland, looks set to be a saga that will run for most of the transfer window.
Liverpool of course, would be loathe to lose one of their star men, whose form has noticeably dipped since speculation over his future began, and Owen says he would want answers sooner rather than later.
“If I was a Liverpool fan, I’d obviously be wanting an answer,” he added.
“But I wouldn’t be losing sleep if he did leave and you got a fair old chunk of money for him.”