"Hull deserve a lot of credit. They have been the surprise packet since the start of the league," he said.
"They can dream of Europe. Why shouldn't they? Hull have 20 points after nine games. That means they dropped only seven, and if you look who they played, they have played good teams.
"The only question you could ask is how will they respond to one or two shock defeats? Because when confidence is very high, things go naturally. Once you go into a bit of a crisis of results, then how will you respond?
"But at the moment I take them very seriously."
Wenger added: "If they can come to the Emirates and win, then they can play at home and beat Chelsea. Why not?"