However, the former Three Lions striker fears the conditions in North America may ultimately prevent Thomas Tuchel's side from going all the way.
Owen knows better than most about the impact a World Cup can have on a player's career. The former Liverpool star exploded onto the global stage at the 1998 tournament in France, scoring one of the competition's most memorable goals against Argentina as an 18-year-old.
His performances that summer earned praise from football royalty, none more significant than legendary Argentina captain Diego Maradona, who famously declared Owen was "the only good thing to come out of the '98 World Cup".
Reflecting on those words nearly three decades later, Owen admitted the compliment still resonates.
"Wow! It's very nice to receive this from one of the best footballers the world has ever seen," Owen told Football Presse.
"Take it as a complement coming from Maradona."
The praise was fitting for a player who would go on to enjoy a glittering career, winning the Ballon d'Or in 2001 and scoring 40 goals in 89 appearances for England. Yet Owen insists that while a successful World Cup can transform perceptions, it is only one chapter in a player's story.
"It's part of a career, it's creating moments that will be remembered forever," he said.
"Football is about moments and to have a great World Cup, the biggest stage of them all is such a special moment for a young player, to give you more confidence.
"But it doesn't determine a career as it's just one World Cup, but given the world stage, it means a lot."
England head into the 2026 World Cup among the favourites after assembling one of the deepest squads in international football. With captain Harry Kane leading the line and a wealth of creative talent behind him, expectations remain high despite years of near misses on the biggest stages.
However, Owen is not convinced England will lift the trophy.
"I think England have a chance, one of the favourites for sure with the quality of the squad, the players playing at the top of European football and Premier League football," he said.
"But, I don't think they will go on and win it. I think the humidity, heat, fatigue, conditions, aren't in England's favour.
"I think the way we play is going to be difficult to sustain throughout the tournament and other teams like France would be preferred."
Even so, Owen believes Thomas Tuchel could prove a decisive factor. The German arrived with a reputation as one of the game's elite tacticians and Owen sees his management during matches as a potential advantage.
"Looking at Tuchel, yes, he is a good tactical coach and he could well be a secret weapon for England with this in-game management which will be very important this tournament, especially with the heat and so many games being played," he explained.
"We have seen he talks well in the media, comes across well with the players, with clear instructions, so he can be a difference maker for sure."
Owen also highlighted England's attacking midfield options as a major strength, suggesting several players are capable of becoming breakout stars.
"For me, I believe the three players behind Kane are so important and all match winners," he said.
"Whether it be Saka, Rogers, Eze, or Bellingham, they can all deliver on the world stage."
The former Liverpool forward also weighed in on the controversial omission of Trent Alexander-Arnold from Tuchel's squad. While Owen admitted he would have included the newly-signed Real Madrid defender, he understands the manager's thinking.
"I can understand it yes, do I think with a 26-man squad he could have been picked, yes," said Owen, the face of Casino.org in the UK, a leading comparison website helping Brits find online casinos that suit their preferences.
"This will be about moments and Trent's set pieces and game-changing ability could have been important. But Tuchel chose not to go with him, so you have to back his opinion."
As England chase the ultimate prize, Owen's verdict is clear: the talent is there, the manager may be a difference-maker, but conquering the unique demands of a summer World Cup in North America could prove the biggest challenge of all.