The Gunners resume domestic action following the international break at Watford on Saturday, having beaten Manchester United 3-0 last time out to sit second in the table, just two points behind Manchester City.
Wenger, who this month marked 19 years in the job, used his address to the club's annual general meeting at the Emirates Stadium to reiterate his belief the likes of Theo Walcott, Mesut Ozil and Alexis Sanchez can help fire Arsenal towards a first championships success since the Invincibles of 2003-04.
''We are now equipped around the whole team to say we are really advanced in the way we work, prepare and develop players,'' Wenger said.
''I know you want to ask me - will we win the championship this year? I think we are back in contention and we have a good chance.
''All of our numbers confirm that we have the potential to be in the fight.
''We had a bad start, but have still managed to come back to within two points of the leaders. We have created consistency, what we have to do now is be able to win the big games.
''We have potential to do more and will fight very hard.
''I know I have faced some adversities, but I am more motivated than ever, more committed than ever.
''I am resolute to commit until the last day of my contract here to bring back big success to this club and leave this club in the position it can do even better when I leave.''
His present contract runs to summer 2017.
Wenger sees no reason why the players cannot rise to the challenge of becoming champions this term.
He added: ''We have the ingredients, now we must produce it week in and week out, that is what is at stake until the end of the season.''
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