City lead the way by a point as the season enters its final straight, and both sides have nine games left to play in what has become a two-horse race since Tottenham dropped out of contention with back-to-back defeats.
And former Reds striker Owen believes that, of the two, his former side have the kinder run-in, rendering them marginal favourites to land a first title in nearly three decades.
"It looks like it’s a two-horse race,” Owen told Goal .
“There’s only Manchester City and Liverpool that are potentially going to win the Premier League.
“I’ll feel sorry for whoever doesn’t because in any other year the second team would’ve won the Premier League by maybe 10 points.
"This year has been an exceptional standard and it’s going to go a long way yet.
“Liverpool now have played in recent weeks Everton away, Manchester United away and okay, their points have dropped a little bit, but now it changes. Now Manchester City have a more difficult finish.”
Liverpool have four away games left to play; Jurgen Klopp’s side visit Fulham on March 17 before games at Southampton, Cardiff and Newcastle, with all four teams likely still to have relegation concerns by the time they face the Reds.
"Liverpool have easier teams,” said Owen. “All their difficult games are at Anfield against Chelsea and Tottenham.
“I think now, even though Manchester City have the advantage in points and goal difference, Liverpool now have the advantage in the games coming up. It’s going to be close."