Leicester could lose that spot depending upon the outcome of Manchester City's game at Liverpool on Sunday, but defeat for the reigning champions at Anfield would send the Foxes into the international break with only Jurgen Klopp's side above them.
Maddison will hope to make his England debut during the upcoming international break, but before then he will be watching events on Merseyside.
“Let’s not get too far ahead of ourselves,” the 22-year-old said when he was asked if the Foxes were in the title race after their win over Arsenal.
“They’re two top teams and I’ll be watching on my sofa, so we’ll see how that goes, but we’ll just keep plugging away and getting good results.”
Although he was reticent about his side’s hopes of repeating their 2015-16 title triumph, he was bullish about their ‘excellent’ performance over an Arsenal team he still views as a tough opponent.
He added: “It was a proper Premier League game with two quality sides. There’s been a lot of talk about Arsenal in recent weeks but we knew they have big threats with their front players so it was a game we definitely didn’t take lightly.
“I thought we were excellent today and that’s how we’ve been all season. We sent a real statement out today.
"It was an even game and one that I thought we dominated for large parts. 9-0, 2-0, 1-0, you only get three points so we’ll keep going.”
Maddison’s goal was set up by Jamie Vardy, who leads the Golden Boot race with 11 goals after he opened Leicester’s account against the Gunners but his team-mate thinks there’s more to his game than goals.
"Vardy, for someone who’s scored so many goals, he’s a really unselfish player," said Maddison.
“Top strikers score loads because they shoot all the time but Vards realised I was in a better position so it was just about concentrating and getting a good strike and thankfully it went flying in.”
Leicester take on Brighton on November 23 in their next Premier League game.