The Gunners led the way for much of last season, but eventually fell away in the final few months as damaging results against the likes of Liverpool, Chelsea and Everton left Arsene Wenger's side in fourth.
The Londoners eventually had to withstand a spirited fight from the Toffees to secure the final Champions League spot, and while their title hopes once again disintegrated in the final few months of a campaign, they did eventually end their nine-year trophy jinx by beating Hull City in the FA Cup final in May.
Wenger has so far spent over £60 million landing the likes of Mathieu Debuchy, Calum Chambers, David Ospina and Alexis Sanchez, and Lord Sugar thinks that Spurs' fierce local rivals are ones to watch this season.
The business magnate told Sky Sports News; "It hurts me to say this, but I think Arsenal could be the dark horse this season.
"I think that [Arsene Wenger] did tremendously well last year to get where he got. Let's face it, he lost Theo Walcott [with a] serious injury. He lost Aaron Ramsey and he still managed to end up in the position he did [of fourth].
"With a fit squad and the addition of the new chap he bought (Alexis Sanchez), I think they're the dark horse. Manchester City and Chelsea, maybe.
"Manchester United, I don't think they're going to win the league. Liverpool, I think they over-performed last year because of one particular player (Luis Suarez), but I think Arsenal are a bit of a dark horse."
Wenger's side limbered up for the new season with an encouraging 3-0 win over title rivals and current champions Manchester City in the Community Shield on Sunday.
Santi Cazorla, Aaron Ramsey and Olivier Giroud scored the goals to give the Gunners their second piece of silverware in just a few short months, and the North Londoners begin their Premier League campaign with a vist from Crystal Palace on Saturday evening.