Wenger's side have 11 points to make up on Chelsea
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Arsenal boss Arsene Wenger says Manchester United's defeat of Chelsea has turned the race for the Premiership title back into a genuine contest.
Chelsea's surprise defeat ended their 40-game unbeaten run in the Premiership and reduced their lead to six points.
"It's good for the Premier League - it makes it open again and more interesting," said Wenger.
"Of course, it's not done yet - Chelsea still have a fair distance on everyone else but it gives us some hope again."
Arsenal trail Chelsea by 11 points although they do have a game in hand, with Premiership new boys Wigan the closest challengers.
Since the 1-1 draw with Everton on 23 October ended their flawless start to the Premiership season, Chelsea have lost to Real Betis in the Champions League, been knocked out of the Carling Cup by Charlton and lost to United.
The 4-2 Premiership win over Blackburn was Chelsea's only win from their last five games.
Wenger has undergone a well-publicised feud with Chelsea boss Jose Mourinho - conducted through the media - in recent weeks.
And the Arsenal boss added that Chelsea's recent dip in form only served to highlight Arsenal's achievement in going an entire Premiership season unbeaten in 2003-04.
"I feel the outstanding record is to go a whole season unbeaten and people will maybe realise later what that record means," he said.
"It shows how difficult it is to beat that. It highlights our consistency and how much quality we have shown."
The Gunners face Chelsea on 18 December, but Wenger warned his players not to look to far into the future.
"If we beat Chelsea next month but lose our games before that, it would have no meaning," said Wenger.