The Lilywhites earned plenty of praise on Sunday as they secured a thrilling 4-1 victory over Liverpool at Wembley to keep pace with Manchester City at the top of the table.
There had been question marks about how well Spurs would be able to cope with playing their home games at Wembley this season while White Hart Lane is redeveloped.
However, the north London side were in brilliant form as they dismantled Liverpool at Wembley last weekend.
And although Giggs is still tipping either Manchester United or Manchester City to win the title, he reckons Spurs could run them close.
Speaking to Sky Sports, Giggs said: “The performance of the weekend had to be Tottenham’s 4-1 victory over Liverpool.
“I must admit I thought they would struggle to compete due to the improvements of the Manchester clubs and with Wembley, but you’ve got to say they are a fantastic team with a fantastic coach.
“Without a shadow of a doubt playing at the Bernabeu helped prepare them for that game. Once you get those sort of results you have an invaluable belief.
“I’ll stick with going with one of the Manchester clubs for the Premier League but it is very, very close and a couple results between the top sides can turn that.”
Tottenham must now prepare themselves for their crunch clash against Manchester United at Old Trafford this weekend.
The two sides are currently level on points and five points behind leaders Manchester City after nine games of the new campaign.
Manchester United head into the game fresh from the disappointment of their 2-1 loss to Huddersfield Town last weekend in what was their first Premier League defeat of the new campaign.
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