Owen hung up the boots at the end of last season.
"I think it's the right appointment," he told the Daily Mail. "But whether that means winning the league straight away is another matter. He's changed the backroom staff and that's the big imponderable, because the players are used to being coached a certain way.
"As it stands, I'd back United to win the league next season - they're still the best-equipped - but with (Jose) Mourinho back at Chelsea and looking to buy a big-name striker, in three weeks I might have changed my mind."