33-year-old LA Galaxy midfielder Beckham - currently on loan at AC Milan - has recently forced his way back into the Italian's national squads, equalling Bobby Moore's outfield player appearance record of 108 caps against Spain in February.
While Newcastle United striker Owen, 29, has 40 international goals to his name, but appears increasingly likely to miss out on breaking Sir Bobby Charlton's goalscoring milestone of 49 due to a succession of injuries.
And Cohen, who was the Three Lions' right-back during their one and only successful World Cup campaign 43 years ago, is adament England should stick with their young guns as the 2010 global showpiece in South Africa grows ever nearer.
"Youngsters like Theo Walcott and Aaron Lennon have the pace to take the game to the opposition and they can also defend," he said at the launch of 'Our Sporting Life', a programme set up by the Sporting Heritage Network to celebrate British achievement ahead of the 2012 Olympics.
"Beckham may be an impact player off the bench but if he can't be that from the start then what's the point in him taking the place of a youngster?
"As for Michael Owen, can Fabio Capello rely on his fitness? I firmly feel the way forward is with youngsters."
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