The 31-year-old has admitted he was unsure if he would be given a new deal at Old Trafford in the summer.
“Last year, I didn’t feature as much but still had some great times. But overall, last season was disappointing from an appearances point of view,” Owen told the Manchester Evening News.
“The manager called me in and I had a totally open mind about what might happen. I must admit as the season drew to an end I was thinking about the future and wondering if he’d want to keep me any longer.
“I was 50-50 about what he would say when he called me in.
“If it had gone the other way I wouldn’t have been upset. I’d have understood. I consoled myself thinking I might get more regular games somewhere else.
“I had almost prepared myself for whichever way it went. But secretly when he said he wanted me to stay, my fist was clenched under the table and I was punching the air with delight. The manager said he thought I would get a lot more opportunities this year, so I was more than happy to extend my stay.
“For him to say he wanted to keep me was enough for me.
“I have loved every minute here. It remains to be seen what type of role I have throughout the season but the season is still young.
“I have a head on my shoulders and I understand you cannot be given guarantees in football.”
Owen is expected to feature in the Carling Cup tie at Leeds United on Tuesday.
“Thankfully, last year, when I played, I did well so, hopefully, this season is the same,” added Owen. “We all know it is a big game against Leeds. There is a rivalry and the fans are keen to do well.
“I came off the bench in the FA Cup tie at Old Trafford in 2010 when Leeds won 1-0 to try and nick an equaliser. It didn’t work out but, hopefully, it will be different this time.”
