Chelsea ran away with the title last term in Antonio Conte's debut season at Stamford Bridge.
And the Blues have already made huge strides to ensure they can challenge on all fronts with Tiemoue Bakayoko, Alvaro Morata, Antonio Rudiger and Willy Caballero joining the club.
Their rivals have also spent big to close the gap to Conte's side, but Owen has tipped Chelsea to finish top of the pile come the end of May.
"Chelsea were the best team last season," Owen told the Premier League's official website.
"They won the league by seven points and with the signings they have made they will have more than enough to retain their title.
"Manchester City are probably the most difficult to predict.
"They have addressed the full-back issue from last season and player for player they are the best side in the league.
"Liverpool will have to go through the qualification rounds for the UEFA Champions League which adds extra matches, but Jurgen Klopp has addressed this by adding both quality and quantity to the squad.
"A good run in Europe and another top-four finish will be seen as a good season.
"Manchester United were well off the pace last year, but they maybe took their foot off the gas towards the end of the season with one eye on the UEFA Europa League final. I suspect they will be closer this time."
