The Gunners manager also insists that his side are ready to challenge again after closing the gap on their rivals.
The Gunners appeared to be on course to claim the crown back in the 2007/08 season when they led the table by five points in February, with an impressive opening to the campaign and the fine form of Emmanuel Adebayor lifting them to the summit.
However, a late capitulation saw them throw away a lead against Birmingham City, with the now infamous William Gallas sulk one of the more memorable moments - for all of the wrong reasons.
Wenger concedes that he thought they would go on to claim Premier League supremacy that year, but last season, when their fine form over the second-half of the campaign saw them chase down Chelsea, admits that they were never really realistic contenders.
“I know if we could have won the league or not,” he told arsenal.com.
“For example the year we lost it at Birmingham, I think we could have won the league. Last year no, because after six games we were 11 points behind Chelsea and to catch them up was nearly impossible with the run they had.”
Arsenal squad are ready to go further
Despite being off the pace last term, Wenger insists that his side is ready to challenge again after reducing the gap on their rivals.
The Gunners started last season poorly but enjoyed a fine run of form from January onwards, where they became not only the Premier League’s form side, but one of Europe’s as well.
That run culminated in a second successive FA Cup triumph, and Wenger says his experience helps him to judge where his team stand and how far they can go.
“I believe we are ready to go further,” he added.
“Our heaviest defeat last year was by two goals. It was 2-0, from a whole season, and it was against Chelsea. That means we have reduced the gap. At the end of the day I know where my team can be and whether I’ve got the maximum out of them at the end of the season. That’s where experience helps.”