The 27 year old was previously with Basingstoke Bisons and has 37 Great Britain caps.
"I'm as pleased about this signing as I have been about just about any other since we joined the Elite League," said Blaze Coach Paul Thompson in a press release. "Greg is a top class player. Highly talented, great energy, very experienced and a good person - everything you would look for in a player.
"I've had the chance to work with Greg first hand in more than twenty games for the national team so I know exactly what I'm getting with him. Over the last couple of years he's become a very, very good hockey player and it's no secret that we weren't the only club that was after his signature. The fact that he chose not only to come back to the UK, but more importantly, to join the Blaze, really is fantastic for our club. To be able to add a player of Greg's quality to the British contingent on our roster, really will make a big difference."
"I'm very excited to be joining the winning tradition in Coventry," said Owen in the same press release. "Everything about the club is a great fit for my family and I'm now at the point in my career where I want to make the next step as a player. I really believe that Coventry is the place for me to do that and as soon as I knew that the club were interested in me for next season, it didn't take me long to decide to come back to the UK.
"I had a bit of a frustrating year in France, so it was great to finish the season on a real high with a bronze medal for Great Britain at the World Championships. That tournament has really got me excited about next season already. After losing out in two finals last year I'm hungry for some more success and trophies!"