The ex Liverpool and Manchester United forward also highlighted the areas he thought Arsenal should strengthen in order to "be in business."
Michael Owen has often been hesitant to admit Arsenal's top four credentials during his spell as a football commentator, but even he was full of kind words for the club's 3-0 Community Shield win over Manchester City at Wembley.
Commentating for BT Sport as the Gunners were back at the national stadium just months after their FA Cup triumph, Owen was clearly impressed by one piece of business the London club did over the summer.
As the players lined up for kickoff, the former England and Liverpool star heaped acclaim on Alexis Sanchez's signing from Barcelona, despite the £35 million fee.
“They’ve finally got some pace in their team,” the former England striker told fellow commentator Darren Fletcher.
“He certainly looks like the signing of the summer.”
Owen later went on to Twitter to give his opinion of the match, pinpointing defence and defensive midfield as the two positions Arsene Wenger should still be looking to strengthen.
Another defender and a sitting midfielder and Arsenal could be in business. City just need their stars back.— michael owen (@themichaelowen) August 10, 2014
He also comforted Manchester City fans that may have been shocked by the result by assuring them all they need is their key men back. World Cup players Vincent Kompany, Sergio Aguero, Bacary Sagna and Martin Demichelis missed out for City, while Joe Hart and David Silva only started on the bench.
Enjoyed today. Arsenal fans have got every right to be excited for the new season. Wouldn't be at all worried if I were a City fan.— michael owen (@themichaelowen) August 10, 2014