Owen, who played for both United and Liverpool, selected Carrick, who started his career at West Ham before joining Spurs, in his combined United and Liverpool XI.
The former England international striker made his comments ahead of Saturday’s Premier League game between the Red Devils and Liverpool at Old Trafford.
"He remains Manchester United's best central midfield player,” the 35-year-old told Premierleague.com. “I was fortunate enough to play with him many times.
“Two-footed, he's got a great football brain and is a real undervalued player. When you play alongside him you appreciate what he gives to the team.”
Carrick has been on the books of United since 2006 following his move from North London outfit Tottenham.
The England international is 34 years of age and is vastly underrated, but he will be important for United against Liverpool at Old Trafford on Saturday.
The central midfielder picked up a calf injury on international duty this week, but he is expected to recover in time for this weekend’s match, according to The Daily Mail.
Carrick has featured in all four of United’s Premier League games so far this season, creating one chance and winning one header in the process.
The former West Ham and Tottenham star has a pass accuracy of 90%.