The Magpies have been relegated to the Premier League and will play in the Championship next season.
The former Newcastle striker believes that his old club will come back to the English top flight straightaway.
“It is bitterly disappointing to see my old club in the Championship but I’m convinced they will bounce back at the first time of asking and hope they can hold on to Rafa Benitez who didn’t quite have enough time to turn things around,” Owen wrote on Betvictor.com.
It is quite a bold prediction from Owen regarding Newcastle coming back to the Premier League straightaway.
The Magpies are one of the biggest clubs of England, but they will find it extremely hard to finish in the top six of the Championship next season.
The likes of Leeds United, Nottingham Forest, Sheffield Wednesday and Derby County are all in the Championship at the moment, and it shows the depth and strength of the division.
If Newcastle make the right signings in the summer transfer window and appoint a manager who knows the Championship inside out - should Rafael Benitez leaves - then they will have a good chance of getting promoted.