And Wenger believes the Merseyside club have every chance of challenging for a European spot.
Wenger said: 'There are five or even six teams who could still win the title. Do not rule out Aston Villa and even Everton. It is much tighter than people think.
'When there are still 16 games to go and we are just four points behind third place, you cannot say that the final positions are already decided.
'Why does everyone think that Chelsea and Liverpool are guaranteed to be in the Champions League next season? I do not understand that.
'Even Manchester United are not certainties. Everyone says they are the favourites yet they are not winning 4-0 or 5-0 every week.
'So why should the other teams not have hope of coming back?''
Meanwhile, Wenger has said that if Andrei Arshavin fails to sign for the club then the Frenchman still believes his squad can make a challenge for the title.
He said: "If we don't sign him we have Cesc Fabregas, Theo Walcott, Tomas Rosicky all to come back and that is like three new signings. And Eduardo needs two or three games and should play for Croatia next month."