Many say the result killed off Arsenal's chances.
But on the eve of their Carling Cup clash, Wenger told Arsenal TV: "No, it was too late.
"We would still have had a mathematical chance but Chelsea didn't drop any points, so it was too late.
"On the night we lost our chance but we would not have won the league. Let's be realistic: although we would have been mathematically in the fight, we would not have won the league."