The title favourites have lived up to their billing thus far, scoring 11 times in their three victories as Jose Mourinho's side ended August at the summit.
However, Monk has also guided Swansea to maximum points as the Welsh club sit behind the Blues on goal difference, and the 35-year-old cannot rule out a giant-killing in West London.
"They are one of the powerhouses of the league," he told reporters. "They have quality players over the pitch. When you analyse them, there are a lot more strengths than weaknesses.
"They can hurt you in many areas via different players. They'll be favourites for the title this season.
"There's always a plan, every team in the world is beatable. We have to give our best performance in order to warrant winning any points. We have to go out there, be ourselves, be confident and hope it's good enough to get the points."
Saturday's encounter kicks off at 3pm.