Owen feels Pep Guardiola’s experience will prove vital in the crucial tie.
City are bidding to reach the last four for the first time under Guardiola, where they would face Bayern Munich.
But first, they must see off Lyon, who they have already failed twice in this season’s competition.
Owen, speaking to BetVictor, feels City will go on to win 3-1.
“Pep Guardiola knows from first-hand experience as both a player and a manager, just how difficult this competition is to win and their status as favourites is well deserved.
“City will never have a better chance to finally achieve the ultimate goal of their Abu Dhabi-based owners and I’m predicting a 3-1 win for Manchester City in this one,” Owen told BetVictor.