"Quite why Michael is so out of favour there I just don't know," he said in his article for the Echo. "He's scored 12 goals having actually started very few games.
"That in itself, apart from everything we've seen him do for Liverpool and England over recent years, tells you the lad must be - and is - absolute quality.
"But it seems his face just doesn't fit with Madrid manager Wanderley Luxemburgo, who obviously prefers Latin players like Ronaldo and Raul. This can happen to a player sometimes and it's unfortunate for Owen.
"He hasn't said he wants to leave and has, of course, chosen his words very carefully. But we all know football is a short career and this is starting to look like a wasted season for him.
"He's Liverpool through and through. Anfield is really his football home and as far as I'm concerned he'd be welcome back. Give Real their money back now and we'll take him tomorrow!"