Owen joined Liverpool’s rivals Manchester United on a free transfer in the summer.
“Our fans are usually brilliant with former players but he might get a cool reception,” Carragher told the October edition of the Sky Magazine. “That won’t bother him though.
“You can understand the fans’ point of view. He used to play for us and now he’s at our big rivals so of course there will be some reaction.
“That’s football and Michael will know that.
“At the same time, Michael has got his own career to think about. He wants to get his name back up there, he wants to play Champions League football and get into the World Cup squad.
“The move gives him that opportunity. It will upset some fans but that’s football.
“He’s a mate of mine so I suppose I have to wish him well but only to a certain extent.”
He added: “I was a bit [surprised]. Not because I ever doubt Michael’s ability but it was just so out of the blue. It happened so quickly.
“One minute you’re wondering where he’ll end up and the next he’s at Old Trafford.”