The North London outfit narrowly missed out on a Champions League spot last season, but they are currently fourth in the table in this campaign, five points adrift of leaders Arsenal.
"Is it realistic to aim for the title? I can't see why not," Townsend told the London Evening Standard. "We're in touching distance of the top and we're still fighting for that top space.
"Four of the top six changed manager in the summer but we've kept continuity and that gives us a massive chance this year."
Spurs are preparing to take on Newcastle United on Sunday.