The German playmaker, a £43m capture from Real Madrid, scored twice in Arsenal's 4-1 win over Norwich City on Saturday, a result that kept the Gunners at the top of the table.
They have also recorded two wins from two in the Champions League so far this season ahead of their meeting with last year's finalists at the Emirates Stadium.
Klopp believes that Ozil is a "perfect" fit for Arsenal manager Arsene Wenger and feels that having the two of them together puts the Londoners in pole position to win the Premier League.
"He's really one of the best players in the world and you've seen it now in the Premier League," Klopp told The Sun. "If somebody had asked me a few weeks or months ago which player would be perfect for Arsenal, I would have said Mesut Ozil — because he is an Arsene Wenger player.
"His tactical ability for offensive football is perfect and that's what Arsene wants. He wants smooth players, good technicians, fast. And Ozil is both. He's perfect with his technique and speed."
"Arsenal have the better team and the same manager, so for me they are the favourites in the Premier League. And of course the favourites in the Premier League are a favourite in the Champions League, too."
Klopp has revealed that he could have been managing in England this season as he turned down approaches from both Chelsea and Manchester City.