Several national newspapers have reported that the 31-year-old, whose time at Old Trafford has been beset by injury problems, is a target for the ambitious Championship club.
However, Eriksson insists he has held no such discussions.
The City boss told the Leicester Mercury: "First of all, it is not true about Owen. Secondly, I wouldn't think Michael Owen would come to Leicester unless we are in the Premier League.
"I think it is very easy. If we are in the Premier League and Michael Owen wants to come to us, then fine."
Meanwhile, Eriksson will take a look at Greek defender Tasos Lagos in a behind-closed-doors reserve game against Sheffield United on Tuesday. The 18-year-old is on trial from Panathinaikos.
Source: PA
Source: PA