The 26-year-old fractured his fifth metatarsal during the Magpies' 2-0 defeat at Tottenham on New Year's Eve.
In a further piece of bad news for the club, keeper Shay Given has suffered a suspected broken thumb.
St James' Park boss Graeme Souness bought Owen for £17m from Real Madrid in August.
He has been an instant hit alongside captain Alan Shearer up front, scoring seven goals in nine starts, so this injury is a setback for Souness.
"We're looking at eight to 10 weeks if things go well, longer if they don't.
"We've been riding along between 14th and 10th for most of the season and if you lose somebody with Michael's goalscoring ability it's a blow to anybody and something we could well do without."
Hope he is better soon.
