The Newcastle striker has been sidelined for 11 months since suffering a serious knee injury playing for England in the World Cup.
Owen's return has been delayed by a groin injury but has now declared himself fit to face Steve Coppell's men.
Reading go into the clash on the back of successive victories over Fulham and Bolton and a third win could take the club up to seventh place in the table and keep them in with a chance of a European place.
By contrast, Newcastle have recorded only one win in their last eight League outings in what has been another season of under achievement.
Glenn Roeder's men did win the reverse fixture at St James' Park in December 3-2 with Emre's late winner seeing them home after a James Harper double had put the visitors 2-1 ahead.
Coppell has no new injury worries to contend with ahead of the first meeting between the teams on Reading soil.
Graeme Murty and Glen Little remain sidelined along with Bobby Convey and Ibrahima Sonko, while Leroy Lita completes a three-match ban.
Apart from recalling Owen, Roeder also has Shola Ameobi available and could play the two men up front and rest Oba Martins.
Scott Parker and Antoine Sibierski are also hopeful of playing, but Shay Given and Damien Duff are out.
Sky Sports