The Londoners have picked up just one point from their last three games and failed to even manage a shot on target on Sunday as they slipped to defeat at Old Trafford in Avram Grant's first match in charge.
Ferguson is not among them. He might be stating the obvious to some but, in his eyes, the four possible title winners have not changed.
"I don't think you can dismiss Chelsea," he said. "How could you with the players they have got?
"They played a strong team at Hull on Wednesday, probably because Avram Grant was keen to get a win under his belt.
"They got a good result and that will help him no end.
"You cannot exclude from the top four. As I said at the start of the season, one of those four will win it."