The former England international has backed Leicester City, Tottenham Hotspur and Arsenal to make up the rest of the top four.
However, Owen has suggested that Tottenham could also be title contenders come the end of the season, with the side flying under Mauricio Pochettino and looking destined for a bright future based on this season's fine form.
“In fourth place I’m going to go with Leicester, certainly at the beginning of the season nobody would believe they would get in the Champions League,” he told premierleague.com.
“In third spot I’m going to go with Tottenham. I say i'm going to go for them because I expect them to really push for the title and I think it could be a real tight title challenge this season.”
“In second spot I’m going to go with Arsenal, I think they’ve had a good, solid season again.”
“And top spot for me is Manchester City; I certainly think they’ve got the best squad. The pressure is on them but I can see them winning it.”
At present, City and Arsenal are the top two candidates for the Premier League title this season.
Manuel Pellegrini arguably has the best squad in England at his disposal, but Arsenal cannot be written off with the likes of Mesut Ozil and Alexis Sanchez continuing to impress.
At some point Leicester City will also have to be considered serious candidates as well, with them continuing to astound everyone with a series of impressive performances.
What is notable is Owen’s failure to name the likes of Liverpool and Manchester United, with him having previously backed both clubs to be in the top four when he was asked earlier in the campaign.