The Gunners managed to battle back from 2-0 down to rescue a 2-2 draw with Tottenham Hotspur in their last Premier League fixture before the international break.
Arsenal have made a decent start to their second season under Unai Emery following a respectable return of seven points from their opening four Premier League fixtures.
Liverpool FC were 3-1 winners against Arsenal to end their unbeaten start to the season.
Watford opted to reappoint Quique Sanchez Flores during the international break after Javi Garcia parted company with the Hornets.
Former Liverpool FC striker Owen is backing Watford to secure a point against top-four challengers Arsenal at Vicarage Road on Sunday afternoon.
“Watford picked up their first point of the season at Newcastle last time, but it wasn’t enough to save Javi Gracia his job,” Owen told BetVictor.
“Quique Sanchez Flores will be in charge of the Hornets for the visit of Arsenal on Sunday – three years after he was sacked by the club!
“I can’t split the sides at Vicarage Road and I’m going for a point apiece.”
Arsenal signed six new players in the summer transfer window as Emery looked to put his own stamp on the Gunners squad.
The north London side signed Brazilian teenager Gabriel Martinelli, Saint-Etienne defender William Saliba, Real Madrid playmaker Dani Ceballos, Lille forward Nicolas Pepe, Celtic full-back Kieran Tierney and Chelsea FC defender David Luiz.
Arsenal haven’t won the Premier League title since 2003-04 when Arsene Wenger was in charge.
In fact, the Gunners have missed out on a top-four finish in the last three Premier League campaigns.
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