Owen was substituted after 55 minutes of Newcastle's 1-0 defeat to Derby, in a match he hardly got a touch.
But Allardyce hopes the striker will still be fit for the weekend's game with West Ham despite picking up a groin injury.
Yep ... it's always nice to know us Geordies are keeping 'Sick Note' wrapped in cotton wool for England's benefit. It makes us feel SO important for the welfare of our dear country.
Allardyce: "Sadly for me and him, he wanted to carry on but he felt his groin at half-time and for me, I didn't want to take any risks really.
"He didn't look very comfortable and we brought Oba [Martins] on pretty quick and just hope Michael's not too serious.
"We don't think it will be, he can expect a bit of tightness with all the games he has had, particularly the two England ones, and he hasn't had too many over the last couple of years.
"He is looking better, sharper and fitter but tonight with the groin if he had carried on and extended himself in any way he might have pulled it, but we don't think he has.
"We think he will be okay for West Ham on Sunday and we need all the players we can at the moment."