"Getting the five of us to be in a room together, although always a dream, never actually seemed like becoming a reality," Owen said in a statement. "Now the reality of the five of us making a record together feels like a dream. It's been an absolute delight spending time with Rob again."
Williams added: "I get embarrassingly excited when the five of us are in a room. It feels like coming home."
Take That enjoyed number one hits around the world during a meteoric rise to fame in the early 1990s but Williams quit in 1995 before going on to forge a successful solo career.
The other four members of the group split up the following year.
Williams became one of Europe's most successful entertainers selling some 57 million albums, and he has won more Brit awards -- Britain's top pop music gongs -- than any other artist.
Take That reformed without Williams in 2005 and have seen their popularity in Britain soar in recent years while Williams' solo career has faltered.
(Reporting by Michael Holden)
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