The 28-year-old boasts a wealth of Northern Premier League experience, having previously featured for Radcliffe, Hyde United and FC United of Manchester.
He scored 35 goals for FC United during the 2019/20 season before moving north to join Scottish side Hamilton Academical.
Owolabi has most recently played in Ireland for St Pats Athletic and Cork City, scoring several times in the Irish Premier Division.
Now he joins a Silkmen side currently occupying the final play-off position.
Subject to clearance, he will be available to feature against fellow promotion challengers Warrington Rylands on New Year's Day.
Photo credit: Macclesfield
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