Houllier was Owen's manager during his successful spell at Liverpool but the Frenchman will not be seeking a reunion in the transfer window.
Houllier expects to have Emile Heskey and John Carew available after injury lay-offs within the next month and, with Gabriel Agbonlahor already back in action following groin surgery, Houllier feels he is well stocked in the strike department.
When asked if he would try to sign Owen, Houllier said: "No, no. In terms of some strikers Emile and John will come back. There is no point."
But Houllier did confirm: "We definitely need to sign one or two players in January."
Meanwhile, Houllier has called for patience in giving his crop of exciting young players, such as Marc Albrighton and Barry Bannan, time to develop.
He said: "The only thing with young players is you need sometimes to be patient and sometimes to be indulgent.
"I think at some stage one of them will have a very poor game but you must not judge on one game. It's a whole picture thing.
"That's what I said to young Bannan because he was distraught after the game against Burnley in the Carling Cup.
"I said 'hang on, you're not in the team because of one game.' He thought it was a make-or-break game.
"I said 'no, it's a whole thing, you will miss games, you will have better games'. "Sometimes they are a little bit impatient."
Source: Team Talk