The former Liverpool striker was the last English footballer to win the prestigious prize back in 2001 and thinks that the Bayern Munich star is capable of replicating his feat if England perform well at the World Cup this summer.
Owen told GOAL.com: "I use the phrase perfect storm. Ballon d’Or is a perfect storm scenario, you need to be having an exceptional season yourself and be in an exceptional team - or at least a winning team. All of that helps and gives you a huge advantage.
"Bayern Munich are going to win the league, they are miles clear, if they won the Champions League and he had a decent World Cup, then absolutely Harry Kane would have a chance of picking up that prize. It’s just ifs and buts."
The former Three Lions striker added: "In World Cup year, a lot depends on who wins the World Cup. That is going to carry so much weight. Somebody can have an average season but if they are top scorer at the World Cup and score the winner in the final, it’s pretty hard to argue that they haven’t just contributed to the ultimate prize of all-time, and that’s going to carry a lot of weight. If he stays fit and healthy and does well, and his team are good, then of course he has got a big chance."
Kane has previously stated his desire to follow the likes of Lionel Messi and Cristiano Ronaldo by winning the Ballon d'Or.
The England captain said: "Obviously, I would love to win the Ballon d’Or. Essentially it is a team trophy that the best individual from that team wins so no matter how you do in a season unless you win the biggest competitions it is going to be a Champions League winner or a World Cup winner this time around."