The former Liverpool striker has watched from afar as his old club undergoes one of the most dramatic summers in recent memory. Following a disappointing 2025-26 campaign, the Premier League champions from two seasons ago opted to replace Slot with Iraola, while long-serving stars Mohamed Salah and Andy Robertson also moved on.
For Owen, the decision to dismiss Slot was driven as much by fan sentiment as results on the pitch.
"Towards the end of the season you could feel the fans' unrest," Owen told Football Presse.
"I was initially believing that Liverpool would give Slot more time and he would be in charge next season, but once the season was ending, if you asked fans at the matches then there was a real feeling that they didn't believe Slot was the right man to take the club forward."
The former England striker felt Slot deserved significant credit for his early work after succeeding Jurgen Klopp, particularly given the circumstances he inherited.
"I thought Slot did excellent in his first season, winning the Premier League is no mean feat and also with not much movement in the transfer window as well, so mostly inheriting Klopp's squad."
However, Liverpool's regression during the 2025-26 season ultimately proved decisive.
"With a big transfer window over last summer, really strengthening the striker positions, for some reason, I know there was plenty of injuries, but it just didn't progress the way anyone wanted."
Owen also believes Liverpool's hierarchy recognised the growing dissatisfaction around Anfield.
"I believe the Board could also feel this which I think helped them make the decision that a change was necessary."
The man tasked with reviving Liverpool's fortunes is Iraola, who arrives after transforming Bournemouth into one of the Premier League's most admired sides. Owen is enthusiastic about the appointment, although he acknowledges the scale of the challenge facing the Spaniard.
"I'm excited. I am sure every Liverpool fan is too," he said.
"You saw what Iraola did at Bournemouth, the way they played, the way they got big results against top teams like Arsenal and Manchester City last season."
Liverpool supporters who fell in love with Klopp's high-energy football may also see familiar traits in the new manager.
"Iraola plays a good style of football, it's not too dissimilar to Klopp. I am sure Liverpool will look to press high, look to win the ball back and then play positively."
Despite his optimism, Owen recognises that moving from Bournemouth to Liverpool is one of the biggest jumps in English football.
"It is a big step up, for sure. Bournemouth played just in the Premier League, players had time to recover and play the type of football he wanted.
"Now at Liverpool it's multiple competitions, including the Champions League, a whole new level of pressure as well that he will face."
Even so, Owen believes Liverpool's owners have identified the right candidate.
"The Board have taken a look and believe Iraola is the right coach to take Liverpool forward."
"He plays football with the right style, he has plenty of Premier League experience, his football is exciting, it's attractive and there is no reason Liverpool can't challenge for the title next season."
One concern for Owen is the departure of experienced leaders Robertson and Salah. The Egyptian leaves as arguably Liverpool's greatest Premier League-era player, while Robertson departs after helping redefine the modern full-back role.
"Yes, this is correct and something I am concerned about," Owen admitted.
"We have had lots of experienced players in recent years and now two more have moved on and it is a worry."
As a result, Owen hopes Liverpool strengthen the dressing room as well as the starting XI.
"I would hope Iraola does look to bring experienced player or players to the squad to help the youngsters, to give confidence and be good team-mates who have been in big games and played for big teams."
One player heavily linked with Liverpool is Bournemouth forward Eli Junior Kroupi, who flourished under Iraola. Owen likes what he has seen but would exercise caution.
"I like him, he is an impressive player, he has scored some excellent goals," Owen told Football Presse on behalf of World Cup winner odds.
"I would like to see a little bit more from him before making the move to a big team like Liverpool, but Iraola will know him better than anyone."
Meanwhile, excitement continues to build around teenage winger Rio Ngumoha. Owen, who burst onto the scene as a teenager himself, can relate to the hype but warns against placing too much responsibility on young shoulders.
"Yes, I can," he said.
"It's so important not to put pressure on him at all. He is very young, he is learning his trade, he is gaining valuable experience and must be treated in this way."
For Owen, Liverpool should still recruit a proven option following Salah's departure.
"He has excellent talent, he has impressed me and he looks to have what it takes, but he mustn't be relied on to deliver week in, week out as he is still so young.
"For me, yes, I would go for (Jarrod) Bowen from West Ham to cover the right-hand forward position given Salah has left."
As Liverpool enter a new chapter under Iraola, Owen sees reasons for optimism, but also a need for patience as one of English football's biggest clubs begins life after two Anfield icons.