The reason why some people are saying that Arsenal is not part of the Premier League title race is because of what Arsenal did last season by allowing Manchester City to overtake them and win the Premier League title. But they forget that if Liverpool draws or loses any match, Manchester City or Arsenal will lead the Premier League table.
I think Arsenal need a good striker. If they can't sign a good striker, they can't stay strong in this race. Liverpool are in this race because of the personal skill of the manager Jurgen Klopp. When Jurgen Klopp leaves this team next season, they may never be in this race again. My assessment tells me that Manchester City are the only favorites.