The Gunners drew 0-0 with Southampton on Tuesday to go four games without a win.
The Gunners have been contenders throughout this campaign, with a strong start having seen them challenging at the top of the table.
They also managed to stay in the race throughout the busy Christmas period, despite losing a number of key players to long-term injuries.
However, they are now without a win in four Premier League games following the 0-0 draw with Southampton, and they lie five points behind surprise leaders Leicester City.
And Owen has backed them to fall short in their hopes of winning the title.
“Over the last few years they have come third and fourth and that puts me off,” he told the Premier League’s official website.
“I don’t necessarily think they’ve improved, I just think a lot of teams have fallen away, the likes of Chelsea, Manchester United and Liverpool.”
“I think it will be another solid season for Arsenal and they’ll hope to pick up some sort of silverware but I think they’re just going to come short.”
While Owen believe they will fall short, one thing that could be a major bonus to the Gunners is the return of their major stars for the second half of this campaign.
In particular the return of Alexis Sanchez is sure to be a big boost, with his injury having allowed him a period of rest that he was desperately in need of after a busy 2015.
That could see him hit his best form at a time that could be crucial to their title hopes, and they will be hoping he can push them to it in the fourteen games remaining.