Salah has enjoyed an unbelievable debut season with the Reds, winning the Premier League Golden Boot by becoming the first player to score 32 goals in a single season.
His prolific exploits earned him a place in the PFA Team of the Year, PFA Players' Player of the Year award and the FWA Footballer of the Year prize.
And Owen feels the colour of his medal on Saturday will determine if he adds football's biggest individual prize to his growing collection of accolades.
"He's got the ability, and he deserves to win it," Owen told Omnisport. "It just depends on what medals he wins at the end of the season.
"You can have a great season [but] if you win nothing, then you're very unlikely. You need a goodwill cup or to win the Champions League.
"But if Liverpool win the Champions League, he'd have a right chance I think. Because he's done it for Egypt, he's had a good year for his national team and of course he's been sensational for Liverpool as well."