Arsenal boast a five-point cushion at the top of the Premier League going into the mid-season break for the World Cup.
The Gunners have enjoyed their best ever start to a league campaign, winning 12 of their 14 games and dropping just five points out of a possible 42.
Most recently, Arsenal secured a 2-0 win over Wolves on Saturday thanks to a second-half brace from in-form midfielder Martin Odegaard.
Arsenal’s victory came just a few hours after Manchester City suffered a shock 2-1 defeat at home to Brenford.
Pep Guardiola’s side would have expected to clinch the three points after Phil Foden cancelled out Ivan Toney’s opener at the Etihad, but a late Toney goal sparked wild celebrations in the away end.
Owen says Man City’s loss would have given hope to their Premier League rivals but believes they remain the ‘favourites’ to lift the title come May.
They’re certainly sitting pretty at the top, aren’t they? A lot of people are thinking Arsenal are the real deal now and I’m one of them,’ the former England striker told Premier League productions.
‘It’s crept up on us really. They have been steadily improving over the last few years but there’s been a massive improvement this season.
‘I still think that Manchester City are the best team, I still think that they are the favourites to win the title.
‘But that defeat to Brentford has all of a sudden given a few teams that might have thought they were out of it a little gee up maybe.’
Arteta hailed Arsenal after they ensured they would be top of the Premier League at Christmas, saying: ‘It’s great to be where we are.
‘We are enjoying that moment, and we have a big break. We have to reflect on what we are doing, and be very much prepared for what is going to come after the World Cup.
But, our aim is to play better as a team every single day; to have better tools to do what we want to do on that pitch. I can say that it has been phenomenal to work with these players and staff.’
Guardiola, meanwhile, said Manchester City deserved to lose to Brentford as his side suffered their second defeat of the season.
‘The better team won,’ he said. ‘We had a lot of problems and we could not press as they didn’t allow us. In this process when they gave it to the striker we could not do it.’
