The defending Premier League champions lost 4-1 win against London rivals Watford at Vicarage Road on Monday night to heap pressure on Antonio Conte.
The west London outfit have lost their last two Premier League fixtures following a shock 3-0 defeat by Bournemouth at Stamford Bridge at the end of January.
The Italian coach is facing a fresh wave of speculation surrounding his future at Stamford Bridge following a return of one win in 2018 so far.
West Brom lost 3-2 to Southampton at The Hawthorns last weekend and the Baggies are rooted to the bottom of the Premier League table.
Former Liverpool striker Owen is confident the Blues will hand their manager a lifeline with a comfortable win against West Brom next Monday.
“Chelsea have won all three-league games against the Baggies since Antonio Conte took over and a month ago, you would have thought this was a banker home win,” Owen told BetVictor.
“The champions have conceded seven goals in their last two league games against Bournemouth and Watford, however, and looked completely out of sorts at Vicarage Road on Monday.
“Conte will demand his side bounce back against an Albion side who go into the game bottom-of-the-league.
“The Chelsea FC faithful will demand three points and an emphatic victory and I think the Blues will keep the points.”
Chelsea FC signed Everton midfielder Ross Barkley, AS Roma defender Emerson Palmieri and Arsenal striker Olivier Giroud in the January transfer window.
The west London side won the Premier League title with two games to spare last season after the Blues finished seven points ahead of Tottenham Hotspur.
Chelsea FC will take on Hull City in the FA Cup fifth round later this month.
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