In an exclusive interview with ESPN.com contributor Graham Bensinger, the outspoken wide receiver also said injuries to Donovan McNabb have slowed the Eagles (4-3) this season.
"If Donovan wasn't hurt our record would probably be better," Owens said Thursday night.
ESPN analyst Michael Irvin recently said the Eagles would be undefeated if Favre were the starting quarterback.
Asked for his thoughts on Irvin's comment, Owens said: "That's a good assessment, I would agree with that, just with what [Favre] brings to the table.
"A number of commentators will say he's a warrior, he's played with injuries. I feel like him being knowledgeable about the quarterback position, I feel like we'd probably be in a better situation."
Owens returned to practice Thursday after suffering a sprained ankle in the loss to Denver on Sunday. He's listed as questionable for Philadelphia's game, but told ESPN.com, "I would say I'm closer to playing than not."
McNabb has been bothered by injuries all season. He's been hampered by a sports hernia since Week 1, and also has a bruised chest and shin. McNabb missed his second straight practice Thursday with a rib injury and was downgraded to questionable.
Owens also hard harsh things to say about the Eagles for not publicly recognizing his 100th career touchdown catch Oct. 23 at home against the Chargers.
"That right there just shows you the type of class and integrity that they claim not to be," said Owens, who became the sixth receiver in NFL history to reach the milestone. "They claim to be first class and the best organization. It's an embarrassment. It just shows a lack of class they have. My publicist talked to the head PR guy, and they made an excuse they didn't recognize that was coming up. But that was a blatant lie. Had it been somebody else, they probably would have popped fireworks around the stadium."
Owens, who is unhappy with his contract, said he wants to remain in Philadelphia but doesn't think that will happen.
"I just want to be happy," he said. "If it's here, then I would love to be here; if not you got to move on. ... If there's a situation where they have a change of heart and come to their senses and pay me what I'm worth, then I'd be more than happy to be here.
"At this time I'm being honest with myself just trying to look toward the future, and I just don't see myself really being here. It's not because I don't want to be here, but I just don't foresee them doing the necessary things to keep me here."
Bensinger's full interview with Owens will be available next week on ESPN.com.