The Gunners return to action in the European competition after making it past the group stage, picking up 11 points in six matches and topping a group with the likes of Eintracht Frankfurt, Standard Liege and Vitoria Guimaraes by two points.
Arsenal are also sat tenth in the Premier League and seven points adrift of fourth place after their 4-0 win over Newcastle United on Sunday afternoon, something which will have handed Mikel Arteta's men bags of confidence.
But Owen insists that Arsenal will struggle to pull off a win in Greece and has backed the Europa League tie to end up in a 1-1 draw.
"Olympiacos picked up a home point against Spurs in the group stages of the Champions League earlier in the season and I feel they will have to settle for another draw when north London rivals Arsenal are the visitors to Piraeus on Thursday," Owen explained in his BetVictor blog.
"A 3-2 defeat at the hands of Bayern Munich in the Champions League before the turn of the year ended the Greek side’s 10-match unbeaten home record in Europe, so this will be a serious test for last season’s beaten finalists.
"The Gunners made serene progress in the Europa League group stages, but a draw would be a decent result against the current league leaders of the Greek Super League."
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