The 48-year-old, who replaced Arsene Wenger in May 2018, lost his job after their longest winless run for 27 years.
Crucially, he never managed to shore up Arsenal's defense - wobbly in the final years of Wenger's reign - and didn't seem to know how to handle playmaker Mesut Ozil, the team's highest-paid player who was repeatedly dropped but curiously recalled in Emery's final games.
Writing in his column for BetVictor before the sacking of Emery was announced on Friday, Owen said: "Norwich gained a tremendous and fully-deserved win at Goodison Park on Saturday, but I think Arsenal will pose a greater attacking threat at Carrow Road and take all three points back to the capital".
The decision has been taken due to results and performances not being at the level required.We have asked Freddie Ljungberg to take responsibility for the first team as interim head coach.
Arsenal are now experiencing a winless run of seven games, their worst competitive run since February 1992, a time before the Premier League had even begun.
A 2-2 draw to Southampton last week, thanks to a very late equaliser from Alexandre Lacazette, left the club in eighth in the league, eight points off the top four and only gave Emery a short stay of execution.
The North Londoners are without a win in their last seven games across all competitions, and yesterday's 2-1 Europa League loss at the hands of Bundesliga outfit Eintracht Frankfurt could trigger the board into action.
Arsenal finished fifth in the league in Emery's first season and reached the Europa League final, losing to Chelsea. Xhaka later said he and his family had been subjected to abuse and threats on social media.
The former winger played for Arsenal 1998-2007 and was part of the "Invincibles" team that went through the 2003-04 league season unbeaten.
Ljungberg was appointed as interim Arsenal manager on Friday morning after Unai Emery was dismissed from his post and had to assemble a coaching team from scratch.
"We wanted to support Unai and his staff until we decided it was time to make a change and ultimately we came to that decision over the last several weeks as a group between myself, Raul, Vinai and Edu". But he failed to live up to the expectations of Arsenal and the Premier League, and the frustration had been building amongst supporters.
"Our most honest thanks go to Unai and his colleagues who were unrelenting in their efforts to get the club back to competing at the level we all expect and demand", read the club statement.