The Atletico legend has stressed that the Real Madrid and Barcelona remain the sky-high favourites to win the Primera Division title
The Santiago Bernabeu side currently have to settle for third spot in the league table while Atletico Madrid sit second in the standings after 12 games.
Nevertheless, Aragones feels it's unlikely that the Colchoneros will be able to fight for the title right until the end of the season.
"Atletico have surprised me and I would like it if they could turn La Liga into a three-horse race. However, it remains a two-horse race for now," the 74-year-old was quoted as saying by AS.
Aragones made over 350 official appearances for Atletico during his active career, and coached them during four different spells.