The Frenchman managed the Gunners from 1996 to 2018, and he has faith that Mikel Arteta's men are well poised to win their first title since Wenger led the Londoners to top-flight glory in 2003-04.
Arsenal currently sit top of the table on 21 points, one point clear of Man City after their 6-3 victory at home to Man United on Sunday.
Wenger said: "Personally I would put them just behind City. The second best team to have a good chance to win the Premiership [sic]. Man City at some stage will focus highly on the Champions League.
"We don't know about Liverpool, but they're already 11 points behind. 10 points behind Man City is a mountain to climb.
"Chelsea doesn't look consistent at the moment. They have not found the confidence to contend to win the league."
He rounded off by laughing, as he said: "Tottenham by my DNA, I cannot be."