The defending Premier League champions finished in second place in Champions League Group D on Tuesday night following a 1-1 draw with Atletico Madrid at Stamford Bridge.
Chelsea finished behind Italian giants AS Roma after the Blues drew 3-3 with the Italian club in London before a resounding 3-0 loss in Rome in the return fixture.
The west London side could face the likes of La Liga leaders Barcelona and Ligue 1’s Paris Saint-Germain in the Champions League knockout phase.
The Premier League title holders signed six players in the summer transfer window to improve their squad for a return to the Europe’s premier club competition.
Unsurprisingly, Chelsea have been linked with a number of players in recent weeks, including Juventus defender Alex Sandro and Everton midfielder Ross Barkley.
Former Liverpool and Man United striker Owen believes Chelsea will make one addition in the January transfer window.
“There is so much that can happen between now and when we kick off for the knockout stage of the Champions League,” Owen told BT Sport.
“We’re talking February, teams go in and out of form and there’s the transfer window to come. Teams could have a real different feel.
“I’m sure Chelsea will be looking at strengthening again in the window. It’s not going to be too many players if they do. Maybe one player. If they do that, it could bring about improvement.
“But I think the form of the team counts for a lot when we start approaching the knockout stages.”
Chelsea finished in third place in the Premier League table and 11 points behind leaders Manchester City.
The west London side have won the title in two of the past three seasons to dominate the Premier League despite having different managers.
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