The Chile international has endured a nightmare first 12 months at Old Trafford, however, managing to find the net just six times.
Sanchez’s Manchester United struggles have lead to talk that he could leave the club when the transfer window reopens at the end of the season.
The Red Devils have been backed to land PSV Eindhoven ace Hirving Lozano as a potential replacement.
And fans have also expressed a desire to see Memphis Depay return, given his impressive form in France with Lyon.
Many feel City dodged a bullet by missing out on Sanchez, who remains stuck in a rut under Ole Gunnar Solskjaer.
And former midfielder Owen thinks the same – while also expressing his delight at his old club’s failure to sign ace Jorginho.
“We dodged two bullets with our transfers over the last few years – we dodged one with Sanchez and we dodged one with Jorginho,” Owen told Love Sport Radio.
“Sanchez has shown nothing like the form he showed at Arsenal and I firmly believe he would have struggled to play in the team with the players that we’ve got.
“Jorginho isn’t mobile enough for how we want to play.
“Yes he’s a holding midfielder, yes he does a lot of passing, but I don’t even think we can compare him to Fernandinho – Fernandinho is light years ahead of him.”
Owen also opened up on City’s Premier League title charge.
Pep Guardiola’s side sit above Liverpool at the top of the table on goal difference.
But Owen is refusing to rule out Tottenham, who are five points adrift.
“Last year was a freak season – what City did was phenomenal and probably will never be done again,” Owen added.
“It is much more of a test this year because everybody who was challenging City last season strengthened.
“And let’s not rule out Spurs of course, they have a game in hand – if they win that they’re two behind both us and City, so this is going to go to the wire.
“It’s a three-horse race, no two ways about it.”