Arsenal currently sit above Tottenham in the Premier League table.
The Frenchman believes Arsenal still have a small chance of achieving Premier League glory this season, despite sitting in fifth place and 15 points behind league leaders Manchester City.
Petit believes Mauricio Pochettino's side can boost Arsenal's chance of holding aloft the Premier League trophy come May 2018 by beating Pep Guardiola's Man City on December 16 when Spurs travel to the Etihad.
Petit considered Arsenal's title-winning season of 1997-98 which saw his Gunners side 12 points off the pace in February, before clawing it back to finish one point above Manchester United. He reckons if City lose to Man United and Spurs, Arsenal have a chance.
"They [Arsenal] are probably out of the title picture, but anything can happen – in 1998, we were 12 points behind in February and pulled that back," Petit said.
"If City lose at United and then Spurs, it could be wide open again."
Spurs recent form of just two points from a possible 12 Premier League points has seen them drop into sixth place, after losses to Arsenal and Leicester City as well as draws against West Brom and Watford.
Pochettino will be hoping his side can regain some momentum with a win in the Champions League against APOEL Nicosia on Wednesday night, while Arsenal face BATE Borisov on Thursday evening in the Europa League.
Spurs are then expected to get back to winning ways in England's top flight as they face Stoke City on Saturday at Wembley, while Arsenal travel to the south coast to face Southampton on Sunday afternoon.