Chelsea have enjoyed a stunning campaign so far and sit six points clear at the top of the table.
And Benitez, who has title ambitions of his own with Newcastle in the Championship, admits the Blues are currently the team to beat.
However the Spaniard reckons a whole host of sides are still in with a shout of lifting the trophy come May.
He told Coral: “At the moment, yes [Chelsea are the team to beat] because they are at the top of the table.
“Chelsea are the team to beat”
“I was looking at the money that they are spending and I remember in my last year at Liverpool we had £17m, one-seven, gross to spend and now you are talking about teams spending £100m or £150m.
“So with these teams at the top of the table now anyone can be a contender and anyone can win the title.”
Liverpool and Chelsea are without European football this season and Benitez admits that gives his two former clubs a big advantage over their title rivals.
He added: “Yeah for sure it’s a big advantage you don’t need to lose your focus, just concentrate on the league.
“As I’ve said before you go to play away in the Champions League and then you come back and then you have a difficult game.
“[Chelsea and Liverpool] can just concentrate on [the league] and it’s a great advantage.”