The Gunners are currently sixth in the table, 22 points behind leaders Manchester United.
"I saw Tottenham versus Manchester United (1-1 draw on Sunday) and you think [about] the difference between us and Manchester United when you see them play," Sky Sports News quotes Wenger as saying.
"It was a fantastic opportunity [to win the league] this season. To catch Manchester United now is out of sight at the moment.
"We have to get closer to the people in front of us first before we can think that. United is far but there is no untouchable team in the country at the moment. That is for sure."
Arsenal last won the Premier League in the 2003-04 season.