Owen, who won the 2001 Ballon d'Or, has long shown a keen interest in horse racing and has built up a five-star training establishment near his home in Cheshire, northwest England.
He only rode a horse for the first time earlier this year, but plans to race in an event at Ascot organised by The Prince's Countryside Fund on November 24.
"It has been a long-term ambition of mine to learn how to ride and race, but as a professional footballer it was not possible," Owen, 37, said in a press release issued on Wednesday.
"Now I have set myself the target of competing in The Prince's Countryside Fund Charity Race on Friday 24th November 2017 at Ascot.
"It's a brilliant cause and I can't wait to get started; it is going to take a lot of hard work over the next few months, but I am really looking forward to it."