The 30-year-old has been linked with several European clubs and the former Reds forward feels the youngsters are capable of replacing him
The 30-year-old has 15 months left to his current contract and is yet to agree to a new deal with the Gunners despite insisting his future lies at the Emirates Stadium outfit.
The Gabon international has been the driving force behind Arsenal success in recent seasons, scoring 61 goals in 96 appearances, including 20 in the current campaign.
His impressive form has generated interests from a number of European clubs, with Barcelona, Real Madrid and Manchester United reportedly keen to sign the forward in the summer.
Should the striker leave the Emirates Stadium, Owen feels Ghanaian forward Nketiah and Martinelli can replace the former Borussia Dortmund frontman.
“I think Arsenal have got a nice little thing going under Mikel Arteta,” Owen told Premier League Productions.
“They’ve got a nice blend as well. They’re bringing a few young players through, [Eddie] Nketiah, [Gabriel] Martinelli scoring goals as well.
“You never know, one of those two lads upfront could turn into proper players and be like him [Aubameyang], scoring 20-plus goals a season and they’re worth their weight in gold.
“If you can unearth one of those from your academy, it’s a massive bonus.”