PSG beat City when the teams met in September
City can guarantee top spot in their group with a victory, but it won't be straightforward against opponents still unbeaten in the competition.
"With both sides having so much going forward I'm hoping for an exciting match," Owen told BetVictor.
"However, I think it will probably end up as a tactical battle between both managers.
"It will no doubt be tight, but PSG have been too inconsistent for me this season so I'm siding with City to win 2-1."
Liverpool's victory at home to Atletico Madrid in their last Champions League game ensured no one can catch them in Group B, though Porto could use the points if they want to make it through.
Klopp's men won 5-1 at Estadio do Dragao in September, but Sergio Conceicao's side haven't lost any of their other three matches in the competition.
"Liverpool are through to the next round, guaranteed top spot. That said, Jurgen Klopp will no doubt want to build on the momentum from Saturday's 4-0 win over Arsenal," Owen said.
"The Reds dismantled Porto in their last match, so with that in mind it's another home win for me," he added, backing his former club to win 3-1.
Liverpool put five past Porto in their last meeting
We may have a better idea of which teams will make the last 16 of the Champions League by the time Wednesday's matches have concluded.
Ajax have already booked their ticket to the knockout rounds and could be joined by Borussia Dortmund or Sporting CP if there is a winner in the match between the two teams in Portugal.
Real Madrid can also make sure of their passage with a win away to Sheriff Tiraspol, while Inter Milan also have a chance to guarantee a top-two finish on Group D.