The Uruguayan, who has already been the subject of two rejected bids from Arsenal, last night reiterated his desire to leave Anfield in an interview with the Daily Telegraph and Guardian.
Owen moved to Real Madrid from Liverpool for £8million in 2004 following weeks of uncertainty about his future on Merseyside and understands how clubs can feel pressured to sell their prized assets.
When asked if Liverpool should relent and accede to Suarez's wish to leave, Owen told BT Sport: "Unfortunately I do, yes.
"It's another victory for player power but if you've got an unhappy player and you've got a huge asset like he is then you really have no option.
"It's not like back in the day when you can leave them in the reserves on a relatively small wage and make them suffer.
"You've got £40million plus of player, plus his wage every year. You just have to cash in."
Towards the end of an inconsistent 2012/13 campaign, Liverpool rallied to finish seventh despite the 23-goal Suarez starting a 10-game ban for biting Chelsea's Branislav Ivanovic.
And while the Uruguayan is suspended from action for the first six games of the forthcoming season, Owen suspects his malaise will start to infect the Reds dressing room if he has not been allowed to move on.
"He won't be the first player or the last to cause a little bit of trouble, if that's the right word," the former England striker added.
"Of course you could sense it and it would be very disruptive if it was going on through the season, but these things go on all the time with top players.
"Everybody wants them and all the top clubs have a transfer saga to talk about - obviously Liverpool's is Luis Suarez.
"At the end of the day money talks and if someone is going to come and bid high for him then I suppose you've got to let him go and try to find a replacement as good as the one you've just let go."