The singer decided to work on new material after Take That bandmate Gary Barlow agreed to return to The X Factor later this year, The Sun reports.
Take That will have a break while Barlow films the ITV1 show, as well as organising the Queen's Diamond Jubilee concert and becoming a dad for the fourth time.
"Mark has already made serious headway. He has put together new material in the studio with top writers and is planning more sessions over the next few months," a source said.
"All the lads are behind him. Success in his own right and his own writing material have always been a massive motivation, so he's a happy man."
Owen has previously released solo albums Green Man, In Your Own Time and How The Mighty Fall, and had hit singles with 'Clementine' and 'Four Minute Warning'.
He was previously tipped for a role on X Factor rival The Voice UK.
> Mark Owen had "meltdown" over Take That tour
Watch Mark Owen in his video for 'Four Minute Warning' below: