"Terrell's been rehabbing for months. This is really old news," Rosenhaus said, though ESPN's report of the injury Sunday was the first time it became public knowledge.
The agent said he believes his 37-year-old client could be recovered some time in August, though six months is the usual rehabilitation time frame for such knee injuries.
Owens caught 72 passes for 983 yards and nine touchdowns in 14 games for Cincinnati last season. He also had surgery for a torn meniscus in December.
The veteran receiver, who has said he wants to come back for a 16th season, will become a free agent once the NFL lockout ends.