The newspaper has reported that Owen is a target for new prospective owner Anton Zingarevich, rather than Royals boss Brian McDermott. They stated that it would be a loan move that could become a permanent when Owen's deal runs out in the summer.
The 32-year old forward has publicly admitted his desire to be playing first-team football in his final years and is unlikely to get that at Old Trafford. The former Liverpool forward was also linked to QPR during the January transfer window.
Reading have not been known to attempt big name transfers in the past but a recent move for Wayne Bridge and a reported move for fellow former England international Owen Hargreaves has indicated the Royals could prove otherwise.