The £16million striker missed most of last season due to a knee injury and has been linked with a move away from Newcastle in recent months.
Owen told The Sun: “This club has so much potential – I want to help realise it.
“Everyone knows that the fans and the stadium give Newcastle the foundations to become one of the biggest clubs in the country.
“I believe these can be good times to be at Newcastle, which is why I’m more than happy to be here.
“There has been plenty of speculation about my future but I can assure Newcastle fans I didn’t start any of it.
“There was a lot of talk from other quarters and my attitude to rumour has always been to ignore it.
“I prefer to let my actions speak for themselves and I just wish there had been more opportunities to show the Newcastle fans what I am capable of.
“I am sure that is to come this season.”