The Emirates boss is on a high after eight wins in 10 matches.
Asked if Arsenal are back in the title race, Wenger said: "It is too early to say that.
"If we win a few more games, why not? At the moment I do not think we are far enough to say that. We are only three points behind Chelsea but we need a strong period and Manchester City need a weaker period, which they are not having at the moment.
"We are not near enough to say we are playing for the championship but we want to come back. We are back in a position where we can aspire to be in the top four. We were not three weeks ago. Mathematically, you are not out of it. But you have to be closer to speak about it. We are 12 points behind Man City and that is too much.
"City have had some impressive away results, especially at Tottenham and Manchester United, but we have to see. The potential is there for them, though we will have to see over a longer period.
"If they are still there with that difference in December, you can say it will be difficult to catch them."