Spurs are set for a return to the Champions League after finishing third in England's top flight last season.
It will be the first time since the 2010-11 campaign that Tottenham have graced the group stages of Europe's elite competition, and many of Mauricio Pochettino's side have not represented Spurs in the tournament before.
Pochettino's troops challenged for the title last season but it may be tricky to do the same this time around, with Chelsea, Manchester United and Manchester City now under managerial heavyweights such as Antonio Conte, Jose Mourinho and Pep Guardiola.
That being said, Hoddle expects those three to undergo a settling-in period at their new numbers and believes Arsenal - without a title since 2004 - are "marginal favourites" to win the biggest prize in English football this season.
Arsenal's manager Arsene Wenger
"It genuinely could come from five or six teams — and that's not been the case since the Seventies. Perhaps, because of the transition at Manchester City, Manchester United and Chelsea, Arsenal might be marginal favourites," he wrote in The Mail.
"Tottenham have the advantage of being settled as well but I fear the Champions League will make life more difficult for them this season. Arsenal are the team who need to exploit the uncertainty of their rivals. But it is going to be very intriguing."
Arsenal manager Arsene Wenger in the stands