The Chilean is set to be replaced by Pep Guardiola in the summer.
The Chilean manager endured a difficult second season in England last year, having won the title and the Capital One Cup in his first campaign.
He is now set to leave to the club in the summer, with City having agreed a deal that will see Bayern Munich manager Pep Guardiola take charge in the summer.
Owen though, believes he was lucky not to lose is job at the end of last season, saying that the club has regressed under his leadership.
“They’ve regressed under Pellegrini,” he told Fletch and Sav.
“They won the double but then nothing last year, as well as being knocked out the Champions League.”
“[Their] Points totals in the league, every year he’s regressed. I thought Pellegrini was very lucky to keep his job last year because he won nothing. You can be at Manchester City these days and win nothing.”
It will now be interesting to see how City perform between now and the end of the season given they know Pellegrini is exiting in the summer.
They are currently in the running for four competitions, with the Premier League, FA Cup, League Cup and Champions League all still within their reach.
If he were to win two of those, there is every chance that the talk may change and people will start suggesting that he is unfortunate to be losing his job to the incoming Guardiola.