Jerry Scott, the school's sports information director, confirms Owens was one of the victims and said "it's a sad day" for the Red Wolves.
The Jackson Sun reports three people were shot about 9:30 p.m. on Wednesday, but the newspaper said police wouldn't immediately give details about the victims.
The 21-year-old Owens played in 11 games for the Red Wolves last season, helping Arkansas State (8-5) to at least a share of its third straight Sun Belt Conference title and a second consecutive win in the GoDaddy Bowl.
Owens, a 6-foot-2, 303-pound native of Jackson, Tenn., would have been a senior next season.