Chelsea have made relentless ground in recent weeks and after trailing by 15 points at one stage, are now within three points of United. The two sides meet at Old Trafford next Sunday and, although United appear to be wobbling, Wenger feels they will compose themselves to hold on.
"The best position remains Man United's and second best is Chelsea's because they have to play United next week," Wenger said. "I still make United strong favourites because when you play at home for the title you have an advantage.
"If we want to have a small chance, it is in our interests for Chelsea to win and for us to win our games - then it's mathematically possible - but I still say United has the advantage. Every year they win the title at Old Trafford. If you compare our away records we are always really comparable. They get their points at Old Trafford."
The victory at Emirates Stadium marked a significant upturn in form for Arsenal but came after the defeat to Bolton had realistically brought an end to their title challenge.
Wenger believes that the problem with his squad is down to a lack of mental resolve but, although he plans to spend this summer, he reiterated that he has no intention of abandoning his focus on youth development.
"The team maybe lacks a bit of maturity under pressure," he said. "They also had to deal with some big disappointments, and I felt that had a subconscious effect on our team.
"For me, it was immense pressure to be out of the title race, believe me, because I felt so strongly we would win this championship."
He added: "We want to add what is needed, but it is very important for the club that we keep faith in what we do. You can see that the players grow when they get a chance, like Wojciech Szczesny compared to two months ago, he has grown.
"It is a law in our game: you can only grow at some stage if you play. People want both. They want to win every game and they want to produce as well fantastic quality young players, but if [Jack] Wilshere has grown this season, it is because he has played.
"However, on the other hand, if you do not win, the same people say, 'Why do you play young players?'"