Jose Mourinho’s Spurs have only lost once so far this season to sit top of the Premier League after ten matches, although defending champions Liverpool are only behind on goal difference.
Big-spending Chelsea are currently third – two points below Tottenham and Liverpool – while Leicester City remain fourth despite losing their last two fixtures.
Manchester United, Man City and Arsenal are ninth, 11th and 14th respectively after poor starts to the 2020-21 campaign.
Owen admits the Premier League title race is currently ‘wide open’ but says only four teams can realistically lift the trophy this season.
He told BT Sport: ‘If ever there was a season where you think a team could win it who you didn’t fancy at the start, it’s this one. It’s wide open right now.
‘But I still narrow it down to four teams: Liverpool, Man City, Chelsea and Tottenham. Chelsea have a great shout.’
Chelsea signed the likes of Timo Werner, Hakim Ziyech, Kai Havertz and Thiago Silva over the summer and Frank Lampard’s side smashed Sevilla 4-0 on Wednesday to top their Champions League group.
Owen added: ‘Chelsea are looking very good, Lampard has got them playing really well.
‘They’re obviously doing well in the Premier League, but they’re flying in Europe. They made nine changes against Sevilla and were still brilliant.
Olivier Giroud scored four goals as Chelsea thumped Spanish side Sevilla and Owen was full of praise for the French World Cup winner.
He said: ‘Giroud is probably the third choice striker at Chelsea and that shows their strength in depth.
‘He has much better movement than he’s given credit for. It was a masterclass of finishing. It was pure class from Giroud tonight.’