Arsenal moved back up to fourth after they came from two goals down to claim a dramatic 5-2 win against Tottenham, who ended the game with ten men after Scott Parker was sent off.
The Gunners, having seen their chances of silverware all but ended with defeats to AC Milan and Sunderland last week, looked to be heading for a third straight defeat when they went behind to two early goals.
Former Arsenal striker Emmanuel Adebayor briefly looked to have stolen the headlines on his return to Emirates Stadium, scoring from the penalty spot after setting up Louis Saha's opener, but the home side produced a stunning fightback to claim three much-needed points and local bragging rights.
Two goals in two minutes from Bacary Sagna and top scorer Robin van Persie got Arsenal back on level terms before Tomas Rosicky and a Theo Walcott brace secured a memorable derby win.
Tottenham's woes were compounded when Parker - booked in the first half for dissent - was shown a second yellow for a reckless challenge on Thomas Vermaelen.
Arsenal leapfrog Chelsea to occupy the final Champions League spot, while third-placed Tottenham lost ground on Manchester United, who left it late to claim a 2-1 win over Norwich at Carrow Road.
The day belonged to Ryan Giggs, who marked his 900th United appearance with a late winner as United reduced the gap at the top of the Premier League to two points.
United got off to a flying start as Nani's probing cross from the right evaded Javier Hernandez and Danny Welbeck, allowing Scholes to arrive unmarked at the far post to nod the ball into an open goal with just seven minutes on the clock.
Grant Holt looked to have secured a hard-earned point after his well-finished strike seven minutes from time - collecting Zak Whitbread's header before swivelling and drilling a powerful strike past David De Gea - but it proved in vain as Giggs stole the headlines with his last-gasp winner, slotting through John Ruddy's legs after meeting Ashley Young's cross.
In the day's later kick-off, Stoke City ended a four-game losing run in the Premier League with a straightforward 2-0 victory over Swansea City.
Matthew Upson and Peter Crouch put the hosts into a comfortable lead by the break, and Swansea were unable to produce a response.
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