Consecutive defeats to Manchester United and the Blues appeared to have ruled Arsene Wenger's side out of the running once and for all.
However, home wins over Liverpool and Sunderland - combined with losses for both Chelsea and the Red Devils against Everton - have ensured that a three-horse race remains.
Arsenal - having completed all of the fixtures against their 'Big Four' counterparts - now have a favourable run-in ahead of them, while the top two both have to play Liverpool as well as facing each other at Old Trafford in April.
However, Arshavin - who continues to nurse an injury sustained in the 1-0 victory over Rafael Benitez's side - believes that the defeats to both Carlo Ancelotti and Sir Alex Ferguson's outfits could prove pivotal, and therefore infer that Arsenal only have an outside chance of securing a first trophy since the 2005 FA Cup.
"If choosing between [Chelsea and United], I think Chelsea," he told Sport Express.
"If we were not defeated by United and Chelsea we would be on even terms with them now.
"But as it is we just need to stay in the race by winning each next match. And we will fight as long as we have the slightest of chances."
