If Owens was to be ruled out of the 10-game New Zealand tour - the Lions leave for Auckland in 11 days' time - then 31-year-old Hartley would be an obvious replacement.
Hartley, who has won 84 caps and led England to successive Six Nations titles during Eddie Jones' coaching regime, is currently preparing to skipper England's two-Test Argentina tour next month.
He was selected for the Lions tour to Australia four years ago, but then missed out after being sent off playing for Northampton in the 2013 Premiership final at Twickenham.
Hartley was dismissed for verbally abusing match referee Wayne Barnes, and he received an 11-week Rugby Football Union ban.
Owens, meanwhile, has delivered a number of outstanding displays for Wales this season, but he now faces a potential fitness fight.
The Lions' opening tour game is against a New Zealand Provincial Barbarians XV in Whangarei on June 3.