The 10-man Gunners came from a goal down to earn a point at White Hart Lane thanks to Alexis Sanchez’s late goal.
The result left Arsenal three points behind Tottenham in the table heading into the final nine games of the season.
Arsene Wenger’s men are now eight points adrift of leaders Leicester City after the Foxes were 1-0 winners at Watford on Saturday.
And former Spurs boss Hoddle feels that the Gunners are still in with a chance of winning their first Premier League title since 2004 this season.
Writing in his column for the Daily Mail after Saturday’s result, Hoddle said: “That Alexis Sanchez goal was a huge moment for Arsenal. Had they lost at White Hart Lane, that would surely have been the end of their title hopes.
“You have to give them credit. They maintained their threat, even when they didn’t have possession in the first half; even when they were down to 10 men in the second.
“They took risks by leaving Danny Welbeck and Sanchez up high but were rewarded. What we know about this Arsenal team is that they can go on a run.
“They are still capable of winning this most open of titles races.”
Arsenal, who finished third in the Premier League last season, now turn their attentions towards their FA Cup fifth-round replay against Hull City on Tuesday night.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news