The north London side head into the game looking to build on their 2-0 win at Bournemouth last weekend in the Premier League.
Arsenal know that a victory would leave them just two points behind the high-flying Foxes heading into the final 12 games of the season.
Leicester have been in stunning form this season and currently sit five points clear at the top of the Premier League table after their impressive 3-1 win at Manchester City last weekend.
Former Liverpool and Manchester United striker Owen admits that Sunday’s game is a tough one to call but is tipping Arsene Wenger’s men to edge out the Foxes in north London.
Owen wrote in his blog for Colossus Bets: “The big game of the weekend is Arsenal v Leicester, and it had me scratching my head.
“I was at the Etihad for BT Sport on Saturday and you have to be massively impressed by Leicester, and their away record of eight wins, four draws, and one defeat are the results of champions.
“Opposing a team with only two losses in 25 games isn’t easy, but Arsenal were responsible for one of those defeats – and that was a 5-2 win, too – and I take the home side to edge it 2-1.
“In truth, none of the three outcomes would surprise me having seen Leicester at the weekend, though.”
Arsenal, who have won the FA Cup for the last two seasons, are looking to win their first Premier League title since the 2003-04 campaign.
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