The 32-year-old striker will join the club as a free agent after he was released by Manchester United.
Owen was linked to several clubs this summer, including Liverpool and Sunderland, but Potters boss Tony Pulis has secured the signature of the former England frontman.
The Premier league club confirmed the deal for the former Liverpool, Real Madrid and Newcastle striker on their official website.
"Stoke City have today won the race to sign England international striker Michael Owen on a free transfer, subject to Premier League Board approval," a statement read.
"The former Liverpool and Real Madrid hit-man has penned a one-year deal at the Britannia Stadium, following his release from Manchester United at the end of the 2011/12 campaign."
Owen becomes Stoke's seventh signing of the summer, following the arrivals of Jamie Ness, Geoff Cameron, Michael Kightly, Maurice Edu, Charlie Adam and Steven N'Zonzi.
Owen's time at United was dogged by injury problems but he scored 17 goals in 52 appearances during his three-year spell, including a famous winner in a 4-3 derby victory over Manchester City in 2009.
In total Owen has scored 221 goals in 473 games in all competitions at club level, in addition to 40 goals in 89 appearances for England.
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