They are on a nine-game winning streak and have stormed to the Premier League summit after bouncing back from their 3-0 trouncing at Arsenal in September.
“Chelsea have another great opportunity”
The Gunners are three points behind Chelsea but Pearce expected them to be top after they trounced the Blues in September.
And the ex-Manchester City boss reckons they blew their chance to stamp their authority on the title race by going on their own hot streak in the wake of the Chelsea win.
Pearce said on Sky Sports: “I think for Arsenal they had a great opportunity after the Chelsea game, their run of fixtures was really good.
“I expected Arsenal to be clear at the top of the league after the next five of six games.
“They weren’t, that worried me a little bit in regard to them.
“Chelsea have another great opportunity [in the] next four or five games.
“Chelsea are very good, they could really solidify the end of the table that they’re at at the moment by getting results in those games.”