An English club made the Champions League final every season between 2005 and 2009 including a couple of seasons with three Premier League teams in the final four.
But in recent years it has been a different story – since Chelsea won Europe’s top title back in 2012, only two English clubs have made it beyond the quarter-final stages.
Last season it was Leicester City who went the furthest with their run to the last eight but this time around there are a record five English clubs in the knockout rounds.
And Owen is confident that the English dominance of Europe’s premier competition could be set for a revival.
“When you look at the English clubs – I just think that we have got great representation this season,” he said.
“With all due respect to the teams that were in last season, Leicester obviously got the furthest which was an amazing achievement, but there were teams in there out of form or weren’t really our best teams.
“This year we have literally got our five best teams all in good form and this year surely we will be having lots of teams back in the latter stages like it used to be.”
Despite the defeat to Shakhtar Donetsk ending Manchester City’s 100% record in the group stages, and with it their 28-match unbeaten run, they have looked imperious this season.
They remain unbeaten and eight points clear in the Premier League as well – so all signs point towards them leading the English charge in the Champions League this season.
But Pep Guardiola’s side were dumped out by Monaco in a thrilling two-legged tie last season in the round of 16 and Owen is not convinced they will be best suited to knockout football.
“Is there a better team in Europe right now? Probably not to be honest. Man City are absolutely flying,” he added.
“At the moment you would have to say City are our strongest team but I think the biggest question with them is – is their style of play conducive to knockout football against the big teams?
“I think they might be a bit too expansive and open against the big boys – but obviously we are going to find out.”