"It's too early for me," said Benitez when asked if Arsenal's title challenge was over.
"Clearly they have enough quality in the squad. We still have to play against them and they have to play the other top sides in the second half of the season.
"It is a difficult situation for them because they have three teams ahead of them but it is too early."
Benitez reiterated his belief that team's need to be 'almost perfect' in order to win the Premiership.
He also told liverpoolfc.tv: "Chelsea are not losing and United have a game in hand so I think you have to be almost perfect. We are very close and hopefully our form will continue.
"Clearly we have a better balance than before. You can see from the way the team have played and our results.
"I think defensively we are strong. Our style of play is good and we are passing the ball with pace at a high tempo. We just need to be more clinical in front of goal.
"As a manager I was really pleased with our first half performance against Bolton. We came under pressure in the second half but it was a case of scoring the second goal to finish the game."