The former Newcastle United and Real Madrid striker signed for the Mancunians after his contract expired on Tyneside.
Whelan praised Sir Alex and believes that Owen still has the quality to perform in the Premier League.
He told The Manchester Evening News, "United's capture of Owen could be a wonderfully shrewd move on Fergie's part. He knows the player and he realises Owen can still deliver.
"A wise old head has been behind the move for Owen and I think it will pay big dividends."
Whelan also admitted he had tried to sign Owen when at Real Madrid but the player opted for Newcastle, and admitted he holds the England striker in high regard.
"He's got bags of experience and the lad is still a threat. I've always admired Owen and I tried to sign him at Wigan a couple of years ago," he added.
"I also feel Owen is still capable of popping up and scoring vital goals. I'm fully expecting to see him used as an impact player at United.
"For 30 minutes of any game, whether it be the Premiership or in Europe, he could have a devastating effect."
David Kifford, Goal.com
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