City are currently fourth in the table and trail Jose Mourinho's side by nine points but will move level with the west Londoners should they win their three games in hand.
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"Yes, we have three games in hand, but we could lose all three of them. Chelsea for me are the favourites."
Manuel Pellegrini's men were dumped out of the Champions League by Barcelona on Wednesday night and, having already suffered a humiliating defeat to Wigan Athletic in the FA Cup, Toure acknowledges his side must aim to win all their remaining fixtures.
"We just need to keeping working and try to win all of the games," he continued. "We know it’s going to be difficult. But when you lose games, you learn more about yourselves. Sometimes when you lose, it’s not bad.
"Teams come and they are desperate to beat us, so it’s always tough. Teams are very motivated against us. You have to understand we are not a machine. We have to move on and think about the Premier League. With the players we have, I still think we can do it."
Asked if it would be deemed a failure if City end the season with just a Capital One Cup triumph, Toure added: "Why would it be a failure? We have already won a cup. You can’t say that.
"Football is a competition - only one team can win each of them. Don’t say we’d be failures, we’ve won something already. Now we want to win more."