I think is not that early although it is early,the fact that Arsenal has shown a perfect performance during these 12 or 13 weeks of Premier League so far shows that they are a true serious contender and the City surprise results in the last two games of the Premier League only reinforce my view that most probably Arsenal is going to be the Champion there if they continue to keep their form and I don't see any reason why they should not keep it.
A good addition to the top fight for me is Newcastle which has shown some really solid results and they too for me are a strong contender to the title despite being somewhat behind in points.
In this case, predicting with various speculations and currently available data is still possible and not too early. As for their chances of being in first place, of course, their chances are still very large.
But on the other hand we also can't make this Manchester City won't catch up. Currently their points are only 5 points adrift, that means there are still many things that can happen especially between Arsenal and Manchester City they still haven't met even once this season.
Their matches have only been running for 14 weeks each and there are still 24 more weeks to wait after their international break which makes us still not completely sure about who will be the champion especially the points can still be followed.