Arsenal head into their crunch clash with Manchester United on Sunday afternoon looking to build on their 2-1 victory over Leicester in their most recent top-flight outing.
The Gunners are currently third as they look to win their first Premier League title since their famous unbeaten triumph in the 2003-04 season.
Tottenham, however, are second – above their local rivals on goal difference – and recently underlined their title credentials with an impressive 2-1 win at Manchester City.
And former Liverpool man Souness admits that it is difficult for him to pick between the two north London sides as the Premier League title race hots up.
Speaking to Sky Sports News HQ, Souness said: “By beating Leicester, they [Arsenal] opened it up for themselves and the other title chasers and I’d put them equal favourites with Tottenham.
“If I was a gambling man, I’d be stuck between the two and injuries going forward might determine the outcome.”
Tottenham host Arsenal in a crunch north London derby at White Hart Lane in the Premier League on Saturday 5 March. The sides drew 1-1 at The Emirates earlier in the season.
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