Ex-England and Manchester United striker Owen will be a co-commentator alongside BBC Radio 5 Live's Darren Fletcher and former voice of Sky and ESPN Ian Darke.
Double Champions League winner Hargreaves, Steve McManaman, ex-England goalkeeper David James and Premier League referee Mark Halsey are also part of the BT Sport team of football experts.
It was announced earlier today that Rio Ferdinand would also be joining BT as an interviewer, programme-maker and football expert.
Jake Humphrey is the main anchor for BT's football coverage, while Ray Stubbs is the channel's chief football reporter.
BT Sport has secured the rights to broadcast 38 live games a season from the Barclays Premier League, along with other matches from Serie A in Italy, Ligue 1 in France, Brasileiro in Brazil and Major League Soccer in the USA.
The broadcaster has also acquired ESPN's TV channels in the UK and Ireland, including the rights to show live matches from the FA Cup, Scottish Premier League, Europa League and the German Bundesliga.