Both sides have enjoyed strong first halves of the campaign and sit in first and second place respectively.
Chelsea are top of the table, having recovered under Antonio Conte to win all of their last nine games.
Arsenal, meanwhile, are three points behind in second having managed to go unbeaten in the league since the opening day of the campaign.
Arsenal manager Arsene Wenger
They are genuine contenders this season and Shearer says that is because they both have better spines to their team than their competitors.
"Any team that wins the title has to have a strong spine,” he told Match of the Day 2.
"Leicester had that last season and it's no coincidence that the two teams with the best spine are at the top of the league - Chelsea and Arsenal.”
Chelsea manager Antonio Conte
While it is arguable that Arsenal and Chelsea’s spines are what make them more genuine contenders this season, there is another factor that is helping them.
Both teams have strikers in fine form this season, with Diego Costa and Alexis Sanchez currently top of the Premier League goalscoring charts, with 12 and 11 goals apiece so far.
Their performances have been key to helping both sides to the top of the table and they will need to maintain them to ensure either side stays there.
Have something to tell us about this article?