"The number of points they are behind Arsenal is not insurmountable by any manner because in this Premier League points can be dropped," the United manager said. "The fact that they have got us and Arsenal at home and their home record is so good, you would have to think they have still got a big chance."
Ferguson remains convinced, however, that Chelsea's main aim is Champions League success.
"The Champions League, which I think is what they are really after given [Roman] Abramovich's contribution to Chelsea's rise, is within their grasp, too," Ferguson said. "They have got the easiest draw of the English teams and have got the best chance of qualifying out of the four of us given the opponents they are up against."