He insists Manchester City's £100million summer spending spree will guarantee them absolutely nothing.
Cech said: "Money has never won anything. You can spend as much as you want but you must build a team first.
"Yes, City have huge competition for every place.
"They have a new manager, new expectations and new motivations.
"And if they build a team they will be a tough opponent and rival for us in the Champions League and for the Premier League title. But so will Manchester United.
"Arsenal's spell without trophies is too long, they want to prove their critics wrong.
"Tottenham were on the edge of going into the Champions League, they'll want to keep their challenge up. Manchester United are the champions.
"And Manchester City have spent money to challenge. That's the reality of the situation."