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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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.