Vicente Del Bosque's men have consolidated their position despite their 1-1 draw with France, but Argentina have leapfrogged Portugal to climb to third in the standings.
Lionel Messi and his team-mates recorded victories over Uruguay (who fell out of the top 10) and Chile in the past month to win one position.
Germany have held on to second place despite their disappointing results of late. Italy complete the top five as they rise three positions following wins against Armenia and Denmark.
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Netherlands (seventh) have dropped one position, while Colombia (up one), Russia (up three) and Croatia (up one) all find themselves in the top 10 as well.
Brazil, who are set to host the 2014 World Cup, sit 13th in the standings after friendly wins over Japan and Iraq.
Ivory Coast, meanwhile, remain Africa's highest ranked team in the table in 15th position, while Japan (24) are Asia's best representative.