Owen, 25, will resume his attacking partnership with Wayne Rooney in Belfast.
This will lead to a change in the five-man midfield employed on Saturday against Wales.
England boss Sven-Goran Eriksson will play only two of the three Chelsea midfielders in the squad.
Frank Lampard will play, despite a poor start to his season.
This means that Cole or Wright-Phillips will be sacrificed.
It will be a blow to either player who have both done well on their recent outings for the national side.