The 40-year-old soap star - who has played mechanic Ricky Butcher on and off for almost 25 years in the BBC show - is in final negotiations to sign up for the celebrity dance contest, according to The Sun.
Owen could be competing against his on-screen sister Janine Molloy, played by Charlie Brooks, as she is also rumoured to be taking part in the show.
The 30-year-old actress won the Strictly Christmas special when she took part last year, so she will be tough competition on the dance floor.
A source told The Sun: "Sid has seen how many of his EastEnders colleagues have taken part in Strictly over the past few years and they've all loved it.
"People such as Kara Tointon, Jessie Wallace and Scott Maslen raved about the experience - as did Charlie when she took part in the Christmas special. So now he fancies trying it for himself.
"He did think about signing up for this year's Dancing On Ice but the timing wasn't right and he thought Strictly would be more fun."
Owen is no stranger to reality TV after eating bugs in the jungle on I'm A Celebrity... Get Me Out Of Here! in 2005, coming third behind winner Carol Thatcher.