Does he have what it takes to lead the national side?
Owen has made over 30 appearances for England, scoring 14 goals.
But at just 22, he has little captaincy experience and his appointment has surprised many within the game.
David Seaman, Gary Neville and Gareth Southgate were thought to be the main contenders, but Owen got the nod.
So is he the man for the job? And should Beckham fail to make it, would you like to see him lead the team at the World Cup?
It's a good decision. Owen is world class and the best player in the England team so why should he not be captain. Just because he is young it does not mean he won't inspire the team.
Tom,
England
I think it is a good decision as Emile Heskey might listen to him and produce a good performance.
Neil Parkin,
England
Who cares who is captain against Paraguay? All of the starting 11 will be off by half-time anyway!
Andrew,
England
I think this is a brilliant idea giving Owen the armband because it will give him the self-confidence that he needs and will give him leadership for the World Cup. Good one, Sven.
Rob Forsdike, England
Anyone would be better than Gary Neville. If Beckham is out, then Campbell or Seaman would be the best captains. Forget people like Ferdinand, Neville, Owen.
Mathew,
USA
To all of those criticizing Owen getting the captain's armband, I have just one thing to say: I'm glad none of you are England manager. It's another masterstroke from Eriksson, it shows he's thinking of the future as well as concentrating on the present. Plus it's a great motivating trick. Eriksson brought out the best in Beckham when he made him captain, who's to say that won't happen to Owen?
Saloni Shah, United Kingdom
Owen will grow into the position, just as Beckham did.
Angela, Singapore
A leader is one who can inspire others to follow his example. His recent performances and commitment to the national team can certainly be considered inspirational, so who wouldn't follow him? Owen is far more inspirational than Southgate's slouching shoulders or Neville screaming at everyone like a little kid.
Alastair Jones,
USA ex-pat
Jason of England Below), Owen was rightly awarded the European Player of the Year award. You do not get such accolades for being a "one-dimensional kick and run player". I assume you've never actually watched the boy play.
Nick, England
It's an unnerving choice. While I admit there were few potential candidates who can consistently perform at international level, Owen is still not the man for the job.
He has a long history of injuries despite his youth, and these could quite easily re-appear, leaving England looking for yet another captain.
Chris L, UK
Michael Owen is one of the best players in the England squad - that goes without saying - but how can a player who spends most of their time running forward in attack possibly see how the game is panning out in defence and to a lesser degree midfield?
Ideally, you need a player who is either in midfield or central defence. Strikers are just too isolated.
Simon Dovey, England
Many eyebrows, mine included, were raised when Beckham was first made captain on a one-off basis by Peter Taylor. Now we wouldn't have it any other way. If captaincy can do for Owen what it did for Beckham we should be in for a real treat on Wednesday.
James, London
It seems like a token gesture - he is under fire, needing a boost and the game is at Anfield. I don't think Sven is inept enough to think that Owen is a better leader than Neville. This is a one game honour, with practically the entire team changing at half-time.
This is nothing more than a pat on the head for the young lad. If Sven was choosing the leader for the World Cup campaign, I am sure Neville would be the man.
Rick Reiter, USA
Does it really matter? Look what it did for Beckham. I think Sven knows who are the big players for England this World Cup and he knows what he's doing. People are saying it should be a defender or midfielder, and I would probably agree. But it's a confidence booster - an intelligent move.
Paul Ashurst, Reading, UK
I wish him well, but it's an odd appointment. I'd rather he concentrated entirely on putting the ball away, than on rallying the team and communicating the gaffer's tactics. Maybe this is just cosmetic, given that it's at Anfield.
Given his recent poor form, perhaps it's Sven's way of giving the lad a boost up. If Beckham doesn't make it, Gary Neville should get it. He's a natural leader, a good talker, and has more top level experience than any of the other candidates.
Idris, UK
Owen is hard working, determined, very talented and has the respect of the players and fans alike. A great decision from the manager, and it should also be a great boost for one of our best players.
Pete Bright, England
It's a ridiculous decision - the man for the job was obviously Seaman. Owen is far too young to captain his nation; he has neither the experience nor leadership skills, and would find it hard motivating the team.
Older players in the squad are likely to be less than happy being told what to do by a youngster. This would cause team spirit and morale to be low.
Jules, England
It's obvious this isn't about Owen having the leadership ability. This is about Sven giving Owen a boost of confidence that has been lacking in his game lately. This is an educated move by Sven to get Owen back on track for the World Cup. It's a smart move and shows we have a very intelligent manager. Well done Sven!
Stuart, UK
I'll trust Sven on this one. Let's face it, the guy knows more about football than any of us. He took England from a dubious qualification position to winning our group and routing the Germans. If Sven thinks it is the right thing to do, it probably is.
Martyn, England
Owen is not the right choice as skipper. England's best captains have always been centre-halves and central midfielders, and I would have given the armband to Rio Ferdinand, Martin Keown or possibly Paul Scholes. If Seaman plays, common sense should dictate that his great experience would see him made captain.
Rob Bell, England
Inspirational and creative, Owen is a good choice for England. I think Sven is right to choose an Anfield man for a game at Anfield. He wouldn't be right for the World Cup but, fingers crossed; we should have more choice by then.
Rufus, UK
The appointment of Michael Owen as captain is a disgraceful choice. He is a world-class player but does not have the qualities of Beckham in that role. He is too young, and I don't think he has the full respect of his fellow players.
Southgate, Neville, Seaman or Ferdinand should have been selected to lead England out on Wednesday night. But I hope Owen Does us proud.
Ian Mason,
England
Although Michael Owen is a great striker and key player in the England squad, giving him the captaincy for this reason only is ridiculous! Sven said himself a couple of days ago that the stand-in captain should be a natural leader and, as far as I'm concerned, Owen isn't one.
The fact that he's a good player doesn't change that. I find it very hard to believe he's an authority figure in the England dressing room. Gary Neville was definitely the man for the job. He's got masses of experience, he's a natural leader and organiser, and he might not be the classiest of players, but he's a good and reliable defender.
If not Gary, Sven's choice should have been Southgate. He's not certain of his place in the squad, but since everyone keeps saying this captaincy is a one off for this game, that shouldn't be a problem.
Ellen, Belgium
Owen needs to be far more vocal if he is to be a successful captain. If Sven wanted a young player as captain, Gerrard should have been a far more obvious choice. Gerrard or Neville are surely the most obvious choices until Becks is better
Rebecca Fairnie,
Scotland
Owen's a great player and a very nice bloke, but is that enough to captain the team? I'd go for Neville or Gerrard myself.
Krzysztof Socha, Poland
Owen has been criticised of late for poor performances, and with the World Cup just weeks away this may prove exactly the boost he needs to get his confidence up.
Just look what the Captain's armband did for Beckham - in turning him from an alleged 'petulant prima donna' into the figure we are now dreading being without come Japan/Korea.
Owen is respected by his fellow professionals and England fans alike and his performance against Germany is the major reason we are going to the World Cup.
The chance to captain his country in front of the Anfield crowd is the reward and the incentive he needs.
Will,
England
We all doubted Beckham when he was made captain and he has proved the nation wrong by being a great ambassador for England. Let's hope that Owen can do the same!
However, the odds are stacked against him thanks to his lack of experience and the very nature of his game. Is a striker ever the right choice for the role of skipper?
Laura, England
Even though it is a friendly, it is still an important match. Team unification is what Sven is hoping to obtain, so the captaincy should not have gone to Owen.
Andy Law, England
Terrible decision. Gary Neville would be the obvious choice.
John H, England
A masterstroke - simply a brilliant move from Sven. What better confidence boost to the nation's most lethal weapon? What better way to develop a budding star than on his home ground, Anfield? What better re-assurance to Beckham that the armband is still his to keep?
Kevin,
Singapore
Owen has the confidence and enthusiasm to be an England captain of the future, but I think he lacks a little experience and does not seem to be at the top of his game right now. However, I wish him all the best in front of his own public.
John Leonard, England
Owen is the wrong choice. He may be a world-class striker and one of England's most important players, but he has little experience at international level, and no experience of leading a team in difficult circumstances.
England need a real man-motivator, such as Ferdinand or Campbell. My choice for this game would have been Seaman, given that he is by far the most capped player in the squad, and has captained England before.
Rav, England
Sven has made it clear that the captain's armband is only for this game. Owen is world-class, and to give him the captaincy on his home ground can only boost his confidence and inspire him to greater things tomorrow.
I have no doubt that Becks will be back for the World Cup to captain the side. Give Owen a chance and then judge him. Come on England!
Martin C, England
If Sven was going to pick a young member of the squad then he should have picked Gerrard - the one player who is as important as Beckham. He may be young, but he is one of the best midfielders in the premiership as he has proved for club and country.
Andy, UK
Owen is the fastest striker in the world right now, but he should not have been given the role of a captain as he will not be in position to command his colleagues. Garry Neville was the right choice.
Benson Odere, Uganda
Sven can't give the captaincy to someone who isn't certain to be going to Japan, so who else could be captain? This is a one off, and Owen deserves the honour. He doesn't let his county down.
Luke,
England
I think the fact that the friendly is at Anfield has a lot to do with this - Robbie Fowler was made Captain in the last game at Elland Road, so why not Owen at Anfield? I think if Beckham remains injured, we'll be looking more at Sol Campbell or Rio Ferdinand to Captain the side - as far as Gary Neville is concerned, don't make me laugh!
JP, UK
Many people writing on this board seem to have missed the point, which is that Owen has only been made Captain for this friendly. Eriksson has stated that he still does not know who would be captain if Beckham doesn't make the World Cup.
I believe Owen is an excellent choice. In the same way as Beckham, he leads by example. As Beckham's leadership strengths have grown through the responsibility of being England Captain, so will Owens.
Big Dan, UK
Owen should be captain as he is well respected, both in this country and abroad. I'm glad Sven didn't give it to Neville.
Craig Taylor,
England
My gut reaction is one of surprise and disapproval, but this was the same for Mr Beckham's appointment. I am still yet to be convinced by Owen's ability - he has great games, but he misses so many chances. He is out of form, young and inexperienced at captaincy - I do hope Sven knows what he is doing.
Ginger Pete, England
Everyone knows that the first names down on the England Team Sheet are Michael Owen and David Beckham, so it's not at all surprising that Eriksson chose the "Boy Wonder". Since it's only a friendly, it also sends a message of re assurance to Becks. I think Sven made the right choice!
Glenn Souza, Dubai
It's ridiculous having Owen as captain - he does not have the experience to lead a team in such a prestigious tournament. This must be embarrassing for Southgate and Neville - it is an utterly disappointing choice.
Kasar Shah, UK
A splendid choice that shows as much foresight as giving Beckham the job did. Owen may be young, but his excellent international reputation counts for a lot, and his record sets a shining example to all. Well done Sven!
Joel Pergande, England
It will be some tough experience for Michael Owen, and I don't think he's ready to be captain just yet. If Beckham fails to recover in time for the World Cup, Sol Campbell would be my choice.
George Nipah, England
I'm really surprised about that choice as I think Owen is far from being a leader. I think Gary Neville should de captain of England even when Becks recovers. Neville might not be a classy player, but he's a hell of a leader.
Stef, France
This is a joke, right? Okay, so it's only a friendly, but Michael is a one-dimensional kick and run player who has none of the attributes to be captain. Either Seaman or Southgate should have got the job.
Jason, England
Michael has talent in abundance. However, the responsibility of skipper is too early for this young man. It is a friendly though, so at least he will gain experience as a skipper before the world cup commences.
Ruth, England
A striker is never the right choice as permanent captain, but in a near-meaningless friendly it's a great way to honour England's hat-trick hero in Germany.
Alastair,
UK
He is the best in Europe, he's well-respected and he has experience playing at the highest level. Who else is there?
Shahid, UK