Owens, 27, is a former third-round pick of the Atlanta Falcons back in 2009 out of San Jose State. He spent the first four years of his career with the Falcons before signing a one-year deal with the Browns last year.
He lasted until December before he was placed on waivers and later claimed by the Dolphins.
In 2013, he totaled 58 tackles, 2.5 sacks, a forced fumble and a recovery over the course of 13 games.
Owens could be a quality low-cost option for the Steelers.