Sir Alex Ferguson, who awarded the 31-year-old Owen a place on the bench for last Saturday's Champions League final ahead of Berbatov, said: "Michael has proved to be a top footballer.
"It is unfortunate that he did not get more opportunities but the form of Chicharito (Javier Hernandez) put everyone in the shade and his partnership with Rooney proved invaluable.
"I am delighted Michael is staying for a further year and we will look to give him more opportunities in the new season."
Former Liverpool and England striker Owen commented: "I am delighted to have agreed a one-year extension to my contract.
"To play alongside so many great players, under an exceptional manager, and in front of so many passionate supporters is a real inspiration.
"I can't wait for next season to start."
However Berbatov insisted he had no desire to leave old Trafford and said he was determined to fight to regain his place.
"I'm a Manchester United player and I'll be glad to fulfil my contract," Berbatov told Bulgarian 24 Chasa daily.
"Everyone is going through some difficulties but I've always been fighting for a regular place and I'll continue fighting for it. I never gave up in my life.
"On July 4 everything begins all over again, the battle for the cups, the battle for the regular places."
Berbatov revealed that he watched the Champions League final on TV in the dressing room.
"I was disappointed," said Berbatov. "I was ashamed that I was left out of the squad.
"And that's why I didn't want people to see how sad I was... because I can't hide my emotions.
"I preferred to stay on my own in the dressing room.
Berbatov joined United from Tottenham in 2008 for a club record fee of 30.75 million pounds ($47.39 million) but soon came under fire from British media and United supporters after failing to reproduce his scoring form.
"I had many happy moments with United," said Berbatov. "We won the 19th title and I became the league's top scorer.
"I'm very proud of it. I came to England from a little country and I know that during every training session, during every game I have to be better that the others because I'm a foreigner.
"To be the top scorer in England is just fantastic.
"They're all precious," Berbatov replied when asked about his most valuable goal of the season.
"But, of course, I can't skip the Liverpool hat-trick. To score three goals against Liverpool is a great achievement and the fans always remind me about it, so I just can't forget this one."
Berbatov knows it will be another tough season for him.
"Manchester United is the biggest step for me," he said.
"Everything beyond United is a step back."
- AFP/Reuters
Tags: sport, football, english-premier-league, united-kingdom, england
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