The versatile Italy international is refusing to underestimate the threat posed by Udinese and Inter but he feels that his side and AC Milan are the clear frontrunners
The Bianconeri currently lead Serie A by a solitary point from the Rossoneri, having played one game less than the defending champions.
Udinese sit third, three points off top spot, with Lazio and Inter tucked in behind but Chiellini believes that there are now just two genuine title contenders left.
"I have never underestimated Udinese, though, if they were to go progress further in the Europa League, we could see a drop off in the league," the makeshift left-back told Sky Sport Italia.
"Inter had made an amazing and unexpected recovery, [but] now they have slowed up in recent games.
"In fact, it would now appear to be a two-horse race, but this year's championship is finely balanced and there could be some other big comebacks."
With Juve still undefeated and unburdened by European competition, Antonio Conte's men appear to have all of the odds stacked in their favour.
However, Chiellini suspects that everything could hinge on how they fare over the next month, given that they must face the Rossoneri at San Siro twice in February, once in the Coppa Italia and once in the league.
"It's too early to be feeling like favourites," the Italy international argued. "You are playing every couple of days and a mistake will allow Milan to change things.
"In the next month we will have many commitments, including the Italian Cup, and when they are concluded we will have a clearer picture, particularly after the games against one another."
Juventus tackle Siena this weekend, while Milan welcome Napoli to San Siro.