"I fancy Arsenal [to finish in the top four]," Graham told talkSPORT. "I didn't earlier in the season but now they're favourites and could maybe even end up third.
"Tottenham have been outstanding this season. In the games I saw them play earlier this season I thought they would definitely be in the top four, but if you look at the fixture list they have got a very, very hard run-in. Arsenal's only real tough game is away at Manchester United."
Arsenal's next league fixture is at home to Norwich City on Saturday, while Spurs face Manchester City at White Hart Lane the following weekend.