Arsenal will take on London rivals Chelsea at the Emirates Stadium in North London in the Premier League on Sunday evening.
Owen has backed the Gunners to pick up all three points from the encounter courtesy of a 2-1 victory.
“I think everyone has been guilty of expecting Chelsea to flick a switch and move up swiftly up the table, but the improved performances just haven’t been forthcoming,” the former Newcastle United striker has written on Colossusbets.com. “They are playing like a mid-table side.
“Their fans can point to their excellent record in this fixture – they haven’t lost to them in the league since 2011 – and the fact the Gunners can blow hot and cold.
“But Arsenal must be strong favourites here at home, and even more so if Sanchez and Ozil are fit, and I take them to stop the rot in this fixture and win 2-1.”
Arsenal are at the top of the Premier League table at the moment with 44 points from 22 matches. The Gunners are level on points with second-placed Leicester City and are ahead on goal difference.
Arsene Wenger’s side will head into the match against Chelsea on the back of a goalless draw with Stoke City away from home at the Britannia Stadium.
Meanwhile, Chelsea currently find themselves 14th in the standings with 25 points from 22 matches. The Blues are just four points above the bottom three, although they are unlikely to get relegated to the Championship at the end of the season.
Guus Hiddink’s side will head into the London derby against Arsenal on the back of a 3-3 draw with Everton.