The 26-year-old had to return from his fractured metatarsal at Birmingham next weekend, but that doesn't seem as though it will happen.
Glenn Roeder: "The most we can now hope for is to have Michael back with us for our final game of the season against Chelsea, but we will not rush him.
"Even with Alan Shearer out, there is no question of us putting any pressure on him.
"At the moment, Michael has done everything our medical team and fitness coach Paul Winsper have asked of him in the past couple of weeks. He is now running in a straight line and striking the ball with pace and tomorrow we are hoping to hear from his surgeon that he can start twisting and turning again.
"That would mean he could train properly with the first team again from the start of next week and by the end of it, be close to being fit."
Owen has not played since breaking the bone in his foot at Tottenham on December 31, a run of 20 games.