He believes that Cole Palmer of Chelsea merits a place off the left of the attack instead.
"I would now start Cole Palmer over Bukayo Saka," Owen told Gambling Zone. "I don't think you can ignore Palmer's form and quality any longer.
"I had him in my squad a few months ago but now he's one of the best players in the Premier League. He might even get player of the year, possibly the Golden Boot, and that's in a struggling team.
"So he's now a must in my mind. I would play him on the right. I'd have Foden and him, one on the right and one central, then have Rice as a lone number 6, then Bellingham and Foden as 8s stroke 10s and Cole on the right.
"But at periods of the game I'd swap them around. Keep them two fluid. Have your left side player as your pacy outlet, then Harry Kane is obviously up front.
"I don't think Gareth Southgate will do that, I'm certain he will go with two 6s which I don't think is the right thing to do.
"If he goes with two 6s it's likely to be Kobbie Mainoo with Declan Rice, so then you will have to bring out a Palmer or a Foden, or both because he may play Saka instead.
"But it's almost unthinkable that you couldn't have Foden and Palmer in your team, they are two of our best three or four players.
"It is a challenge to fit them all in but in my team you do fit them all in, although Saka would miss out which is not easy to do. But he can still play a big part. If the final was tomorrow, I would put Palmer in the team."