The north London side head into the game knowing that a victory will reignite their title hopes and move them to within two points of top spot heading into the final 12 matches of the season.
The Foxes, however, have been flying high all season and are currently five points clear at the top of the table heading into Sunday’s showdown.
Claudio Ranieri’s men continued to silence their doubters as they claimed a stunning 3-1 win at Manchester City last weekend in their most recent outing.
Arsenal, meanwhile, warmed up for Sunday’s game with a 2-0 victory at Bournemouth to leave them third in the table.
Former Manchester United and Liverpool striker Owen is backing the home side to claim all three points on Sunday.
Writing in his blog for Bet Victor, Owen said: “Arsenal are unbeaten in their last 18 Premier League games against Leicester and have won their last eight at home which suggests this should be a formality for the Gunners!
“That said, this is a spirited, resilient, exciting Foxes side who are top-of-the-table on merit.”
Get 8/1 enhanced odds on Tottenham to win or 11/1 enhanced odds on Liverpool to win at White Hart Lane on Saturday afternoon. Click here to sign up now. T&Cs apply.
MORE: Latest Man Utd news
MORE: Latest Arsenal news
MORE: The latest football news