The Reds are struggling with a lack of options up front following Andy Carroll’s move to West Ham.
Owen is a free agent after having been released by Manchester United at the end of last season.
“I don’t think he has got a lot of choice [but to go for Owen],” Staunton told TalkSport.
“My only concern with Michael is the amount of games he has played over the last few years, if you want him to come in and be your main striker.
“But there is no doubting his quality and his finishing ability. He will always score goals.”
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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.