"Manchester United are, without question, the most recognised team in Britain and I know that even Arsenal would admit that," Ferguson said.
"Arsenal are in great form and that's what winning the league can do for you, it gives a confidence and a belief. At the moment they are not getting a real challenger and hopefully we'll be the one."
Ferguson believes United are well placed to make that challenge.
"I'm not too worried where we are," he said. "The important thing is to be in the backwaters at the moment. I have to analyse our own performance and I know I have made the right assessment. Our form generally has been good this season. We have put a few results together so the crisis is only half a crisis now."