The 33 year-old attended a gala dinner held in Dubai last Tuesday to honour UAE's 50 most influential Britons.
Al Shabab Al Arabi, who had previously shown interest in Owen at the beginning of last season, was touted as a potential suitor.
But he wants to follow in Alan Shearer's shoes and take up TV work, rather than look to a future in management.
Michael Owen: "My mind is pretty made up now.
"I've been thinking about it for a while and football is not as much fun when you've been able to do it at a real high standard and then suddenly you're finding it hard to reach those standards again.
"Your pride gets dented a little bit.
"I'm pretty sure it's all finished. I've a few different businesses I'm looking forward to going into such as co-commentary and TV work.
"That should keep me busy and I've got a couple of other businesses representing young players and different bits and bobs, so I'm looking forward to a change of role now.
"Coaching is an obvious path to take after football. During my career I worked on my badges and passed the first two.
"I've still got a bit to go to be fully qualified to manage at the top level but as I stand now it's not something I've got on my mind. I'm looking at doing other things."
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