Owen, whose contract runs out at the end of next season, is currently in talks with the Liverpool hierarchy over a new contract but Arsenal will be keeping tabs on the player and will be ready to make a move if talks break down.
Arsenal manager Arsene Wenger has never hid his admiration of Michael Owen saying only recently: "He's purely a goalscorer. He has the patience of a hired killer.
"It's difficult to say if Tierry and Owen would be a perfect partnership but I know Tierry could play with anybody."