The North London outfit came from behind to take the lead at the Emirates, but a late own goal by Mathieu Flamini resulted in a point apiece.
"Manchester City look a bit unstoppable and are favourites because they still have two games in hand," Wenger told reporters. "City and Chelsea are the favourites for the title. We don't have much room to come back into it.
"At the moment the title is not our biggest worry and we just have to try to be realistic and we have to come back in the next game. We have to look behind us and we also have to look in front of us."
Everton are six points behind fourth-placed Arsenal with a game in hand.