Other teams that have qualified for the last eight are: Juventus, Manchester United, Ajax, FC Porto, Tottenham Hotspur, and Barcelona.
Manchester City qualified for the Champions League quarter-final stage on Tuesday after defeating Schalke 04, 7-0 on Tuesday, while Liverpool defeated Bayern Munich 3-1 on Wednesday night.
According to the 39-year-old player, both Man City and Liverpool are slightly ahead of everyone other teams at the moment in the competition.
“I said at the start. I thought it was an English year,” Owen told BT Sport.
“Liverpool and Manchester City are the favourites to win the Champions League this season.