Claudio Ranieri's men have surprised everyone by continuing to set the pace this season.
Claudio Ranieri's men are currently leading the Premier League table, and in Jamie Vardy, the club have the division's top goalscorer. Given their start, Wenger believes that they have to be taken seriously.
"Of course you cannot rule [Leicester] out," he stated.
The Foxes have dumbfounded everyone by bouncing back from a summer of upheaval - that saw their influential manager Nigel Pearson and arguably last season's best player in Esteban Cambiasso depart the club - that saw them tipped by many to be favourites for relegation.
Nevertheless, with games against Manchester United, Chelsea, Liverpool, Manchester City and Tottenham in their next eight fixtures, the feeling remains that their bubble will eventually be burst, thus leaving the title race to be fought between some of the aforementioned clubs, as well as Arsenal.
Perhaps that is their strength. Having been written off towards the end of last season, the side put together a run that led to an escape that was as impressive as any other in Premier League history. While the goals are slightly different this time around, opponents continue to disregard the club, and wait for their dip in form to begin.
With no dip currently in sight, Leicester must continue to be one of the teams in the mix for the title.