After winning the Champions League and the Premier League in the last two seasons, Liverpool have declined rapidly in recent months and are facing a battle even to qualify for the Europa League.
They are sixth in the league table on 40 points and lost their first Merseyside derby against Everton in over a decade on Saturday evening.
They have also lost four league games in a row at home for the first time since 1923 and serious criticism is being levelled at the club by some for not investing in their squad when they were on top.
Everton are now level on points with Liverpool in the league table and Owen believes that if the Reds’ current run of form extends for another month, the Toffees could finish above them in the league table this season.
The former Red said on Premier League TV after the Merseyside derby: “It has to be a concern.
“Liverpool are consistently poor at the moment and when is that going to end is the big question.
“If this run continues for another month, Everton will finish higher than Liverpool.”
Everton have not finished above Liverpool in the league table since the 2012/13 season, when they finished sixth and the Reds ended up in seventh.