The Gunners moved top of the Premier League table on Monday night as they bounced back from their Boxing Day humiliation at the hands of Southampton by beating Bournemouth 2-0 at Emirates Stadium.
Tottenham, meanwhile, moved up to third place ahead of Leicester City’s clash with Manchester City with a dramatic 2-1 victory at Watford on Monday.
Arsenal have been tipped by many to be one of the main challengers for this season’s title, with the Gunners searching for their first top-flight triumph since their unbeaten season back in 2003-04.
Tottenham’s recent good form has also prompted talk of a possible title challenge from Mauricio Pochettino’s men.
And although former Liverpool midfielder Gerrard believes that Manchester City are the favourites to win this season’s crown, he says that there are a number of teams in the race.
Gerrard told BT Sport on Monday: “I think there is an opportunity for six, seven sides, the chance to go and challenge for the Premier League, the likes of Arsenal and Spurs.
“City are looking favourites at the moment, I think. Leicester will eventually drop away just because of the size of their squad.”
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