The Gunners are currently fourth in the top-flight, having lost just one of their opening seven league games.
Owen has been used to writing Arsenal off in the race to finish in the top four but says he now believes they have what it takes to return to the Champions League.
‘I think Arsenal are the most consistent team that you can wish for in a way because they always beat the teams that you expect them to beat,’ Owen told BT Sport.
‘Sheffield United away, that’s tricky for them, they’re not a good away team. In the Europa League I think they will win virtually every game, their group is weak and they blow teams away.
‘Of course you’ve got the likes of Liverpool [in the cup] coming up and Wolves, which will be tricky for them.
‘But every other team, that’s a great run for them now and I expect them to have a good season.
‘It’s the first time in a long while I’ve looked at Arsenal and though “do you know what? It is a top-four team now, it’s got a chance of being in the top four”.
‘Partly because Manchester United are slipping away, but I’ve always seen Arsenal as sort of fifth and sixth and just a nearly-team for the last decade.
‘Actually, I look at them now and think do you know what? [They can finish in] the top four.’
Emery left Mesut Ozil out of his Arsenal squad for the Europa League clash against Standard Liege, explaining that the German did not ‘deserve’ a place even on the bench
‘When I decided he shouldn’t be in the squad it’s because I think other players deserved it more,’ the Gunners boss said.
‘He needs to continue working. Our target is to win on Sunday against Bournemouth and we want to carry on our same way in each match.’