Interest has waned for the England striker since he admitted that he could be leaving the Bernabeu, with Liverpool and Manchester United now looking unlikely to sign the ex-Anfield starlet.
And now Mourinho has said he has no wish to bring Owen back to the Premiership, as he won't get in the team.
"Michael Owen wants to leave Real Madrid to play first-team football and that is not going to happen with us," Mourinho said.
And he added, "We play with one striker and two wingers. We've made a big investment in Didier Drogba and Crespo - both players I love. Carlton Cole is a personal bet that I want to win. Maybe I don't win in one or two months, but I will win. Eidur Gudjohnsen can be what I want - a striker or midfielder. There was no point buying another striker just to have five instead of four."