The Foxes took the lead through Jamie Vardy’s first-half penalty at The Emirates and produced an impressive performance before they had Danny Simpson sent off early in the second half.
Theo Walcott drew the Gunners level, before Danny Welbeck came off the bench to score the winner deep into stoppage time and deal a blow to Leicester’s title hopes.
The result cut Leicester’s lead at the top of the Premier League table down to two points heading into the final 12 games of the season.
And although former Manchester United and Liverpool striker Owen admits that it was a thrilling weekend of top-flight action, he felt that Leicester deserved more from the game against the Gunners.
Writing in his blog for Colossus Bets, Owen said: “It was a brilliant weekend of domestic football, and you had to feel for both Leicester and Man City.
“Yes, Leicester were the architect of their own downfall to a large degree when they had a man sent off early in the second half, but that last-gasp Arsenal goal must have been hard to take after they had played so well.”
Arsenal’s next Premier League game is a trip to Manchester United on Sunday 28 February.
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