However, the former England striker admits he still has reservations about whether the Portuguese coach is exactly what the Spanish giants need right now.
Few British players understand the unique demands of Real Madrid quite like Owen. After leaving Liverpool in 2004, the former Ballon d'Or winner spent a season at the Santiago Bernabeu, sharing a dressing room with some of the biggest names in football and experiencing first-hand the relentless pressure that comes with representing the world's most successful club.
Now, with Mourinho officially back in charge and tasked with restoring Madrid to the summit of European football, Owen believes the spotlight will once again be intense.
"For me, I am not sure it's what Real Madrid needs right now," Owen told Football Presse when discussing Mourinho's return.
"He has been coach already at Madrid. Jose's last few managerial roles haven't been hugely successful, so it's not a manager who has been on the up and with a team who are playing great winning football."
Mourinho's first spell at Real Madrid between 2010 and 2013 remains one of the most memorable periods of his managerial career. He delivered a La Liga title, broke records and went toe-to-toe with Pep Guardiola's Barcelona, but he now returns to a very different challenge.
Real Madrid have endured frustration over the past two seasons by their own extraordinary standards, increasing the pressure on everyone associated with the club.
Owen knows that pressure never eases at the Bernabeu.
"It's the biggest club in the world," he said.
"So a case of pressure all the time on the club to succeed and win major trophies."
The former Liverpool striker believes Madrid's elite players are generally equipped to cope with those expectations, but acknowledges that not everyone can handle such scrutiny.
"From a player perspective, some get affected by pressure, and those who succeed do not and Madrid have top players who don't feel the pressure and perform week in week out."
Handling the dressing room
One of Mourinho's first tasks will be managing a dressing room packed with world-class talent, including Vinicius Junior and Kylian Mbappe. Throughout his career, Mourinho has built a reputation for handling superstar personalities, and Owen believes that remains one of his greatest strengths.
"If anyone can, Jose can," Owen said.
"He has the experience and knows how to manage players, so yes, he more than anyone can manage all players."
Yet Owen also warned that managing talent is only half the battle.
"But then it's up to the players to perform as Jose would like, so some big calls to be made here."
Much of the attention surrounding Mourinho's second Madrid reign will inevitably centre on Mbappe, who remains the club's biggest star and one of the faces of world football.
Owen has no hesitation when asked where the Frenchman ranks among the game's elite.
"Yes, I do think he is the best player in the world," he told Football Presse on behalf of World Cup winner odds.
"You look at what Mbappe has delivered on the world stage for France in the past few World Cups. He delivers domestically, in the Champions League."
The former England striker believes Mbappe possesses every quality required to dominate the sport.
"He has so much pace, can finish, has skill, has everything you want from a player.
"He lights up games, is powerful and delivers when it matters most."
Best in the world
Owen's comments are particularly notable given his own pedigree as one of the finest forwards of his generation. The former Real Madrid man won the Ballon d'Or in 2001 and remains one of England's greatest goalscorers, yet he believes Mbappe now stands above every other attacking player in the game.
"So yes, he tops it for me and this year I am sure he will show it again."
Owen also dismissed any suggestion that the pressure of playing for Real Madrid could become a problem for the French superstar.
"Sure. Mbappe doesn't do pressure. So he can handle playing for Real Madrid."
As Mourinho begins his second spell in the Spanish capital, Owen sees a fascinating combination developing between one of football's most decorated managers and the player he considers the best in the world.
"Mbappe is the best player in the world, so there is no reason he needs to go anywhere else and I am sure more domestic success will come his way as his talent is outstanding."
Whether Mourinho's return proves inspired or risky remains to be seen, but Owen is certain of one thing: at Real Madrid, expectations never change. Winning is not a target — it is a requirement.