The former forward was surprised by Leicester City player Danny Drinkwater's exclusion.
England manager Roy Hodgson named his final 23-man squad for the European Championships on Tuesday, cutting three players from his original 26-man squad.
Those three were Manchester City’s Fabian Delph, Newcastle United’s Andros Townsend and Leicester City star Danny Drinkwater.
The latter of those missing out has caused widespread outrage, given he was a key player in the Foxes' sensational Premier League winning campaign.
The other two missing out was not as surprising, and but Owen has admitted that Drinkwater being cut came as something as a shock.
“I expected Delph and Townsend to lose out but surprised at Drinkwater. I'd say 2 or 3 players breathed a big sigh of relief,” he told Sportlobster.
Manager Roy Hodgson will now be hoping that his decision does not come back to haunt him this summer.
Much will rest on if all of his players remain fit, with questions still surrounding Jack Wilshere, Daniel Sturridge and Jordan Henderson ahead of the tournament.
Should any of those break down with injuries, then questions will almost certainly be asked as to why the likes of Drinkwater in particular were left out of the squad.
Owen was speaking at the launch of Sport Lobster's 1million euros predictor. For more information, click here.