Pep Guardiola's side are flying this season having taken 28 points from a possible 30 in the top flight going into Sunday's visit of the Gunners, while they also qualified for the Champions League last 16 with a 4-2 win at Napoli on Wednesday.
Arsenal, under the stewardship of Wenger, last lifted the title in the 2003-04 season - a campaign that saw them go undefeated in the league.
But the Gunners boss says it is too soon to comment on whether City can match that achievement, and used Real Madrid, who are eight points off the pace in La Liga having won a league and Champions League double last term, as an example of how quickly things can change.
"It's a bit early, only 10 games, played 28 to go, that's a long way. It is difficult to extrapolate at the moment," he said.
"They are in a good patch, but look at Real Madrid and everything that was being said about them a few weeks ago. It shows you how fragile everything is in the game."
City have earned plenty of praise for their swashbuckling style, but Wenger, while recognising the strength of Guardiola's side, prefers to let others do the talking.
"The comments I leave to what they are," he added. "It is difficult for me to comment, I don't see all their games.
"If you look back there have been many great teams in England and they are certainly another one.
"At stake for us is three points and we want to go there and try to win."