The club opted to part ways with Arne Slot at the start of June - just over a year after he won the Premier League title on Merseyside - and Iraola was targeted as the No.1 option following his own exit from Bournemouth.
The Spanish boss has endured a frustrating transfer window so far this summer, with several targets missed, as the club continued to chase a Mohamed Salah successor.
Slot's fifth place finish at the end of 2025/26 means Liverpool will be playing UEFA Champions League football under Iraola and Owen believes the new boss will at least match that achievement in the next 12 months.
"I'm confident they will get Champions League qualification again, absolutely. The team is very good and the manager is very good," Owen told the Liverpool Echo.
"I just hope it all clicks because if it does, then it's an exciting season ahead, but there are a lot of questions at the moment: new manager, new players, etc.
"All will be revealed in the coming months, but I think we all go into the season with a lot of optimism."
Iraola kicks off his Reds tenure later today as Liverpool face a tricky trip to Newcastle United.