Recent defeats to challengers Manchester United and Chelsea appeared to have ruled Arsenal out of the running to seal a fourth Premier League crown.
However, wins for the Emirates Stadium outfit over Liverpool and Sunderland - combined with defeats to both Chelsea and United at Everton - have ensured that a three-horse race for first place remains.
Despite having lost both home and away to the Red Devils and Blues, Arsenal have completed all of the fixtures against their 'Big Four' counterparts.
Chelsea and United, in contrast, both have to face Liverpool as well as meeting each other at Old Trafford on April 3.
And Jensen, who the European Championships with Denmark in 1992 before joining the Gunners and lifting the FA Cup, League Cup and European Cup Winners' Cup, believes Arsenal are well placed to take advantage.
“These are going to be tough games for Manchester United and Chelsea which will be to the advantage of Arsenal,” he told Goal.com.
“The importance of [beating Liverpool] was huge. It was more than just three points. Now the Gunners can start believing again that they can win the title.”
