The Albiceleste have climbed one position after a successful month, while La Furia Roja continue to dominate the table despite their recent draw against France
Vicente Del Bosque's men have consolided the top spot despite their 1-1 draw with France, while 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 their second place despite their disappointing results of late. Italy complete the top five as they rise three positions following wins against Armenia and Denmark.
England (sixth) and Netherlands (seventh) both dropped one position, while Colombia (one up), Russia (three up) and Croatia (one up) 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.
Cote d'Ivoire, meanwhile, remain Africa's highest ranked team in the table in 15th position, while Japan (24) are Asia's best representative.