The actor, who plays Ricky Butcher, is making a comeback alongside Patsy Palmer - better known as Ricky's ex-wife Bianca.
"They know these old characters work. We've proved that in the past and, providing the storylines are strong enough, it will work," Sid told the Daily Star Sunday. "By bringing us back they are also hoping to bring back a lot of the old viewers they've lost and the strong viewing figures of the past.
"It is so hard for a long-running soap like EastEnders to keep those viewing figures up and keep being a success."
Owen and Palmer have been asked to attend meetings with storyliners so they can offer their own input.
"They want a lot of the original ideas that made the two characters work so well in the first place," Sid explained. "Scriptwriter Simon Ashdown - who wrote a lot of the original Ricky and Bianca stuff - has been brought back to work on our stories. And they've also agreed to consult us about what plots they want to run. My first meeting with them is this week, when we will talk through ideas."