Even though the transfer window is yet to open, the Blues have already signed both Timo Werner and Hakim Ziyech ahead of next season.
The likes of Ben Chilwell, Jadon Sancho and Kai Havertz have also been linked with the Blues and Owen has been impressed with the moves Frank Lampard is making to strengthen his squad.
Discussing Liverpool’s title win this season, Owen backed Chelsea to close the gap on them next season but warned they will also face competition from both Manchester United and Manchester City.
“I think they’re a very, very strong team that’s probably going to be strong for some time,” Owen told Premier League Productions.
“That’s not to say they can’t be caught. Manchester City are a phenomenal team and if they turn it on we’re going to have a great title race.
“Manchester United are the first team outside those two that spring to mind because they’re improving at a rapid rate.
“Chelsea are showing a lot of intent with their signings.
“They’ve been banned from signing players for some while but now they’re making a big splash and they’ve got some youngsters coming in.
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“Frank Lampard looks like he has the bit between their teeth. There’s lots of teams that look like they could do it but I think they’re the main two.”
Both Ziyech and Werner technically join the Blues this week on July 1, but they will be unable to compete in the remainder of the Premier League season.
There are hopes, however, that the duo could be available for the Champions League’s planned resumption in August.