Arsene Wenger's side, who travel to Fulham on Saturday, currently sit fourth in the Premier League, two points clear of Tottenham, although Andre Villas-Boas' men have played a game less.
Jol, who enjoyed a public rivalry with Wenger during his spell at White Hart Lane, hailed the Frenchman's managerial ability and predicted Arsenal will be in the running for the Champions League next season.
"I admire him, he is an unbelievable manager,” Jol told reporters. “Of course you have got your problems now and then if you meet each other.
"He is emotional, he wants to win but even this season if you look at them they have been under pressure.
"Then they had an unbelievable win at Bayern, they came back and other teams like Chelsea, Spurs and Everton are fighting for a top-three, top-four spot. They are doing it again and I think they will make the top four."
Fulham extended their unbeaten run against Arsenal to four matches having held the Gunners to a 3-3 draw in the reverse fixture earlier this season.
On Wednesday, Jol’s side saw their five-game unbeaten record against Chelsea end following a 3-0 defeat and the Fulham boss has urged his side to get back on track.
"I can remember the team struggling here," he said. "But, for example, we have done very well against Chelsea over the last four games and then we lost 3-0.
"Arsenal have done ever so well the last couple of months. They are on the top now and they want to play Champions League football.
"Hopefully we can get back to winning ways because that is important."
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