The Gunners were at one stage 12 points behind league leaders Manchester United at the start of 1998 but reeled in the Red Devils with 10 consecutive wins.
Anelka says the Blues can still bridge their 10-point gap with United but is well aware just how tough it will be.
"We have to win every game from now and maybe we can do it. But to win every game is hard. Most ¬important is to win against the teams that are around and in front of us," he said.
"At Arsenal in 1998, we had belief because, like I said, in football ¬anything is possible and if you are winning game after game and others are dropping points, it can happen."