The Blues are currently nine points clear at the top of the table and have been in irresistible form in recent weeks.
But Matic said: “It is a long way to go.
“We are now almost halfway through the season and we still have many hard games so we are not favourites.
“We are just one of the teams that can now win the title and I am sure there are more than five teams that will try to catch us for first position.”
He added: “We are very happy because of our form.
“How we play is very good and our confidence is high because to win 11 games in a row in the Premier League is not easy.”