Owen is currently nine goals behind United legend Sir Bobby Charlton.
The former Real Madrid and Liverpool star has been out of Fabio Capello’s plans for 17 months.
Giggs said: “Coming here has given him a new lease of life, especially as we are a team who make a lot of chances. He’ll be confident of putting them away.
“I’m sure if he is playing and scoring for United then the rest will come. Sir Bobby’s record has proved a difficult one for anyone to overhaul.
“But looking at Michael’s ratio of goals and games for England you’d have to say if he plays another 15 internationals he’ll probably overtake it.”
