The Gunners wrapped up their first summer signing last week by sealing a £30m deal for Alexis Sanchez but, despite admitting that such a coup is a "big step in the right direction", Owen feels that Arsenal will fall short in their Champions League qualification bid.
"The signing of Sanchez has made everyone sit up and take note. I really do rate him, he's a top player and it's a big step in the right direction," he told talkSPORT.
"But, in no particular order, my top four for next season would be Chelsea, Manchester City, Manchester United and Liverpool."
Arsenal have not finished outside of the top four in any of manager Arsene Wenger's 18 seasons in North London.