The Gunners have only won one of their last four league outings and their dramatic 3-3 draw with Fulham on Saturday leaves them languishing in eighth position with 16 points from 11 games, 11 points behind league leaders Manchester United.
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Mikel Arteta's last-minute missed penalty against the Cottagers cost Arsenal the win, but Wenger maintains his stuttering outfit can mount a challenge for top spot.
Wenger stated to reporters: "I feel yes, of course [we are still in the title race]. Yes why not?
"It is a concern, because we looked quite solid defensively until now, and against Fulham we looked very fragile. If we had scored the penalty, nobody speaks about it.
"You had some dodgy moments in the game, but you would have won.
"We were close to doing it and have to do it next game."
Arsenal now face a week's rest before taking on Tottenham at the Emirates in the season's first north London derby, with the two sides separated by only one point and one position in the league table.