The 26-year-old joined the Gunners from Lyon last month after weeks of speculation linking him with a move to The Emirates.
Lacazette is one of two new signings at Arsenal after the Gunners also concluded a deal to bring Sead Kolasinac to the club from Schalke on a free transfer.
Arsenal fans will be hoping that Lacazette will be able to help fire the Gunners to a Premier League title challenge next season.
And Owen has backed the signing of Lacazette as a good addition to the Arsenal squad.
Speaking to the Daily Mirror, Owen said: “I like Lacazette, he’s a predator who knows where the ball is going to drop in the box.
“I think Olivier Giroud gets some harsh criticism but they needed another top class striker, and Lacazette is a very good buy.”
Arsenal are currently gearing up for their Community Shield clash against Chelsea at Wembley on Sunday as they look to get their season off to a winning start.
The north London side beat Chelsea in the FA Cup final at Wembley back in May as they lifted the trophy for the third time in four years.
The Gunners finished in fifth place in the Premier League table last term.
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