The Blues have added significantly to their squad this summer with Didier Drogba, Filipe Luis, Diego Costa and Cesc Fabregas's arrivals reaching an outlay of around £75 million, while Kurt Zouma has been recalled.
Costa and Luis arrived from La Liga winners Atletico Madrid, while Spain international Fabregas was brought in from Barcelona for around £30m.
Drogba has joined on a one-year deal on a free transfer, while Zouma - who was signed from Saint-Etienne in January - has been brought back to compensate for the loss of Luiz, who joined Paris Saint-Germain for £50m.
The Blues have lost a significant number of first-team players, however, as they look to try to land their first title in five years in the new season.
Ashley Cole, Frank Lampard, Demba Ba, Samuel Eto'o, Romelu Lukaku and Luiz have left the club, but manager Jose Mourinho is happy with the strength in depth of his new-look squad as they fight on four fronts.
Mourinho - who continually played down his side's chances of wining the title last season - has accepted that his team are one of the contenders this coming term, and former England international Owen is in agreement with the Portuguese coach.
Speaking to Sports Mole, the BT Sport pundit said: "Chelsea's weak point from last season was obviously scoring goals and having a reliable striker up front.
"They've never properly replaced Drogba from the first time around. He's back, but I can't imagine that he is going to be quite the player that he was, although he could weigh in with a few goals.
"Costa is a sensational signing and he should be scoring at least 20 goals next season. As it stands, Chelsea are the team that everyone has got to beat.
"I've been impressed with their signings, they've got a strong squad and the right manager. Everything looks right for them at the moment."
Mourinho's side begin their new campaign against newly-promoted Burnley on Monday August 18.