The Gunners have had an impressive start to the 2018/19 campaign with Emerys men sitting fourth in the Premier League table, four points off leaders Manchester City.
Defeats to City and Chelsea put Emery under immediate pressure but the north London club responded with 11 wins on the bounce in all competitions prior to last weekends draw with Crystal Palace.
Asked by talkSPORT if his former side could win the league this term, Wenger replied: Why not?
When you look at last season at home we won 15, drew two and lost two – its away we were not good enough.
But overall the qualitys there. They have a chance – but at the moment we have some other teams who look very strong as well.
Wenger is satisfied that he left Arsenal in good shape before Emerys arrival in the summer.
When Arsenal win I am happy. I felt I worked very hard and I think I left it in good shape, the Frenchman told Sky Sports.
After that, Im a supporter like anyone else – I want them to win football games.
As a manager you have an influence, not only on the careers of players, the style of play and results but on the structure and impact you give to the club and overall that is very important – that the club can always continue at a very good level.
Wenger, who has been linked with the vacant Real Madrid job, hopes to return to management in the new year.
Pressed on when he plans to return, Wenger replied: At the beginning of the year.
It will seem odd to go somewhere else but I cant tell you (where) because I dont know where Ill be. Ill be somewhere – but I dont know where.
I have had a good rest and watched football a lot. I have many good memories, so I miss them.