Chisnall, who moved from Man United to Liverpool in 1964, said that the striker's transfer to Old Trafford was fantastic news.
"It's a brilliant piece of business," Chisnall told United's official website.
"Michael's had his injury problems, but he didn't become a bad player during his time at St James' Park. If you'd put George Best into that Newcastle team he'd have struggled!"
"When United are playing well, and the passing movements are flowing, they create countless chances, and he'll poke in a high percentage of them. "
"He won't be bombing about all over the place as Carlos Tevez did, but he'll wait for his opportunities and he'll score hatfuls."
Chisnall is confident that Owen can reclaim his prolific Liverpool strike-rate while donning the shirt of the Red Devils.
"United have found themselves a thoroughbred striker without paying a transfer fee and Michael Owen has got himself back in the top bracket."
"It's a perfect scenario for both parties."
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