The Blues sit top of the table after beating West Brom 1-0 at Stamford Bridge yesterday.
And Wenger believes Chelsea would make good Premier League champions.
“Chelsea are doing extremely well and will be wonderful candidates for the title”
Arsenal boss Arsene Wenger
He said: “Chelsea are doing extremely well and will be wonderful candidates for the title – but there are no stand out favourites.
“It’s very open and interesting. A challenge of consistency.”
Arsenal are unbeaten since the opening day of the season when they lost to Liverpool.
But Chelsea are still ahead of the Gunners in the table thanks to nine straight wins.
Arsenal return to action tomorrow night when they travel to Everton.
The Blues take on Sunderland at the Stadium of Light on Wednesday evening.