The move makes sense for both parties. It makes so much sense, in fact, that I'll go so far as to say I'd be surprised if it doesn't happen.
With T.O. obviously in the back-end of his career, the most likely offer he would receive would be from a team looking to rebuild and bring him in for a year before they can get younger. A team like, let's say, the Bills.
Buffalo knew that bringing in T.O. would result in some extra publicity at a time when their cross-state rivals were making all the moves and getting all the headlines, as is usually the case.
Owens had a decent season in Buffalo, but the numbers were way below his usual level of production. 55 receptions for just over 800 yards and five touchdowns is downright awful for Owens, and it wouldn't have even been that good were it not for the latter portion of the season.
To put that into perspective, the last time T.O. had less than 1,000 receiving yards was 1999 (that's excluding his 2005 season in Philly when he was deactivated for the last eight games).
As far as I'm concerned, Chad 8-5 is still one of the better receivers in the league, and with T.O. and Laveranues Coles behind him, he could see his numbers improve drastically.
The move would have to go over with Carson Palmer before the Bengals pull the trigger, but I think playing with a future hall of fame receiver should go over just fine with Palmer. For all the talk about T.O., I don't think he's influential enough anymore to be "ruining" quarterbacks.
The Bengals are borderline competitors who could use another good receiver, and T.O. is another good receiver who could use a borderline competitor.