Salah's contract at Anfield expires in the summer of 2023 but he is yet to agree a new deal.
The 29-year-old has been a revelation for the Reds since joining from AS Roma in the summer of 2017.
Salah has helped Liverpool win the Premier League, UEFA Champions League, UEFA Super Cup, FIFA Club World Cup and Carabao Cup in his time at the club.
He has regularly been linked with moves to Barcelona and Real Madrid in the past but his commitment to the Liverpool course has never been in doubt.
This term, the former Chelsea man has made 36 appearances across all competitions and has found the back of the net 28 times, providing ten assists.
"I'd be very surprised if Mo Salah didn't sign with Liverpool. What are the options at the moment?" Owen said to BBC Sport.
"You are only going either sideways to Manchester City or down anywhere else because there is no-one else as good as these two teams in the world at the moment.
"Let's give everyone time because these things don't happen overnight. You are talking about one of the biggest clubs in the world and one of the biggest players in the world and that player is about to sign the biggest contract of his life. I think it's entirely normal that negotiations can drag on a little bit.”
