Owen, 30, joined on a free transfer from Newcastle at the start of last season but, despite scoring some significant goals, he has struggled for first-team football and has spoken of his frustration at life on the bench.
However, he seized his chance last week when he scored twice against Scunthorpe in the Carling Cup before adding his first league goal of the season against Bolton on Sunday, and Ferguson has suggested he is closing in on a first-team place.
"He's an outstanding footballer and I think he's improved since he's come to our club," he said. "Michael's contribution on Saturday doesn't go unnoticed - it was a fantastic goal.
"He's fit and his training performances have been terrific ever since he joined us."