Spurs are closing in on their best-ever campaign of the Premier League era and currently sit in second place with just six matches yet to play.
In arguably the most unpredictable season in recent memory, last season’s relegation survivors Leicester have mounted an extraordinary charge up the table to claim a seven-point gap at the summit.
With games running out for the north Londoners to close the gap, King now believes the East Midlands club are favourites to achieve their maiden top-flight success.
King, who retired in 2012 after 14 seasons with Spurs, never featured in a team as strong as the current crop of players at White Hart Lane. Following retirement, the former England centre-back has taken up a role as club ambassador, owing to his hero status with fans.
The 35-year-old has not given up faith that Tottenham will be able to reel in the league leaders but has stated Leicester are in the best place to take the title.
“Obviously, Leicester are in pole position now,” he told Sky Sports.
“All Tottenham can try to do is win their remaining games and hope that somewhere along the way Leicester make a few slip ups.
“They can only take it one game at a time and try to nip away at that lead.
He added: “If they can claw two points back this weekend and another two soon after that then who knows? But the next couple of results are going to be huge.
“Finishing above Arsenal is something that hasn't been done for many years so that would be a big achievement. But no matter what happens now, it's been a fantastic season for Spurs.”