Owen is convinced Liverpool are enduring a transitional year after making so many additions to their title winning team over the summer.
Ahead of Thursday's trip to Premier League leaders Arsenal, Owen told Tribalfootball.com: "I think Slot has done a very good job in terms of what the club have in terms of the signings. I think Isak is just an incredible player. I think (Hugo) Ekitike is amazing. I think (Florian) Wirtz is just pure class. (Jeremie) Frimpong is decent.
"None of these signings at the start, I thought, Oh, no, I wouldn't have done that. I thought they were all really good signings. I'm sure the long-term future is very good. They bought young. This is just a period of time that they're struggling, I guess.
"So I would be consident and looking at Arsenal, I don't think Arsenal's starting 11 is necessarily far better than Liverpool's. Liverpool won the league at a canter last season. In fact, if anything, they've brought in even better players to add to that.
"I just think that Liverpool's problem is their form, not their actual quality of players, and their form is not good enough at the moment, but (Mohamed) Salah is returning soon which is a good thing."
Ekitike quality
Hugo Ekitike is likely to miss the clash at Arsenal due to injury and for Owen, that is a heavy blow for the Reds. Indeed, the former England star admits he's already been won over by the Frenchman.
He also said: "Very much impressed with him. He is direct, pacey and fits well into the Premier League. He is hugely passionate on the pitch, wants to contribute and wants to score goals. Position wise, he can play on the left for sure and maybe down the middle in future.
"It’s been a transition season for Liverpool with a number of incomings and outgoings, and he has been a shining light with a lot more to come."
Michael Owen speaking to Tribalfootball via Casino.org where he is UK ambassador, which helps players find the best casino online options in Britain