Mikel Arteta’s side missed out on a top-four finish last campaign yet top the table after the first six games, leading Manchester City and Tottenham by a point.
Former Gunners boss Wenger, 72, believes the current Arsenal squad has benefited greatly from a summer window which saw big money spent on the likes of Gabriel Jesus and Fabio Vieira.
“I would say they are moving in the right direction,” he is quoted by the Mirror as saying.
“I honestly think there is no weak position in the team... they are young, promising players and they have bought well this year.
“There is no completely dominating team this season and Arsenal has a chance with the potential that is there.
“We used to be in the top four and why not again? You cannot even rule out the fact that they can fight for the title and hopefully they can do it.”