The Gunners, who are currently in second place in the Premier League, are ten points behind runaway leaders Chelsea.
The two giants collide at the Emirates this Sunday in a game which has been dubbed by some as the last chance to stop the Blues.
Defeat for the north Londoners would almost certainly extinguish their slim hopes of lifting their first Premier League title in 11 years. However, if they manage to defy the odds and beat Jose Mourinho’s men they would blow the title race wide open.
Wenger still believes side can overhaul their London rivals but admits the destination of the Premier League trophy is still in the hands of the Blues.
He said: “Mathematically it will be possible but Chelsea have their future and the championship in their hands.
“What we can do is get closer to them and we have an opportunity to that at home and we want to take it.”
If the Gunners were to record a shock victory over the league leaders their triumph would inadvertently allow Manchester United back into the title race.
The Red Devils are one point behind the Gunners, who they play next month, and were in imperious form before last Saturday’s defeat at Stamford Bridge.
And Wenger believes Louis van Gaal’s men could still challenge them for the Premier League trophy if they win this Sunday.
“Manchester United still have a chance [to win the title] as-well,” the Frenchman said.
“But there was a turning point certainly last week you know with Manchester United not beating Chelsea. That was certainly a very important moment of season for the Premiership but now what we can do is get closer to them.
“We have that opportunity and we want to do it. It still means if we beat them [that] mathematically they are still in a very strong position but you never know.”
If Arsenal are going to haul themselves back into the title race Wenger is going to have to do something he has never done before and record a victory ovebeat the Special One.
The Frenchman, 65, has tried, and failed, to beat the former Inter Milan coach 12 times.
Wenger is well aware of his poor record against the Portuguese, who returned to Stamford Bridge in 2013, but believes the Gunners' previous results against the Blues chief won’t affect the outcome of Sunday’s game.
He said: “It’s not a confrontation [between myself and Mourinho], it’s a confrontation of two teams.
“I’m not a great believer in history. I just think football is down to the fact that the performance on the day will decide the game and the result, so let’s focus on that."
The challenge of beating Chelsea is a difficult one at the best of times, but it is more difficult for the Professor due to the potential absence of first-choice centre-back Per Mertesacker.
The German, 30, is a huge doubt for the match at the Emirates as he sustained an ankle injury in the Gunners FA Cup semi-final victory over Reading last Saturday.
The former Werder Bremen has not trained with his team-mates this week and Wenger has admitted he doesn’t know if the 6ft 6in defender will start the game.
“He’s still in the treatment room and I don’t know if he will available or not,” Wenger said.
“[He is] 50/50 [to start against Chelsea] at the moment. He’s not trained at all.”
If Mertesacker fails to recover in time new signing Gabriel Paulista is expected to take his starting berth.
The Brazilian, who moved to the Emirates in January, has been in good form for the Londoners and has proven that he is more than capable of filling the German’s shoes.
Wenger has been impressed with the former Villarreal star’s displays in his three months at the club and believes he is more than ready to fill the void left by the Arsenal vice-captain.
He said: “He’s ready [to step up]. He came on in the FA Cup semi-final and I think if Per is not ready, Gabriel will start.”
Sunday’s game against Chelsea will see former Arsenal fan favourite Cesc Fabregas return to the Emirates for the first-time since his 2011 move to Barcelona.
The Spaniard, who joined the Blues last summer, got a hostile reception from Gunners supporters in the reverse fixture back in October – which Jose Mourinho’s side won 2-0.
Wenger is aware that Fabregas might be heckled by the fans who used to adore him and has urged the Emirates faithful to give the Spaniard the respectful welcome he deserves.
“I want every [player to be respected," Wenger said.
“And [I want] Cesc Fabregas when he comes to the Emirates on Sunday to be respected like he deserves.”
