The England star is expected to spearhead Liverpool's attack in Sunday's crucial Premiership encounter at the Lane.
Owen is back on song and has scored in his last four games, including the Worthington Cup Final, after a relatively barren spell of two goals in 16 games between December and February.
"On his day Michael is untouchable," said Ledley. "He's so quick, great movement and that always hard to play against as a defender.
"He's a clever player with that pace as well, so that makes it doubly hard.
"It's a big challenge for me but I look forward to these games. These are the games any player wants to be involved in."
Owen's return to form as coincided with Liverpool's. They've won three on the trot, kept three-successive clean sheets, won the Worthington Cup and progressed to the quarter-finals of the UEFA Cup where they take on Celtic on Thursday.
But the Reds visit to the Lane should hold no fears - we've won our last four Premiership meetings in N17 and you have to go back to December 1996 for Liverpool's last win here.
Ledley added: "They are a good side but we need a win. We've done well against them at White Hart Lane and we're looking to continue that, definitely."
Ledley King says he's up for one of the greatest challenges for any defender in the Premiership - stopping an on-song Michael Owen.