Liverpool entered the campaign as clear favourites, having clinched last year’s title by a commanding ten-point margin.
Their summer transfer activity was equally impressive, with over £400 million spent on top talents like Alexander Isak, Florian Wirtz, and Jeremie Frimpong.
The Reds were the only side to maintain a flawless record after three matches and aimed to continue their winning streak with a trip to Turf Moor to face Burnley.
Initially, Given had tipped Liverpool to retain the title, placing Arsenal as runners-up for a fourth consecutive season, with Manchester City and Chelsea rounding out the top four.
However, the former Newcastle and Manchester City goalkeeper has been notably impressed by Arsenal’s early form and now believes the Gunners have a genuine shot at lifting the trophy.
Despite a setback against Liverpool before the international break, Arsenal bounced back strongly with a commanding 3-0 win over Nottingham Forest.
Discussing the win on BBC’s Match of the Day, Given said: ‘Bukayo Saka, Kai Havertz, William Saliba and Gabriel Jesus were all missing today, Martin Odegaard went off injured.
‘Look at Arsenal’s strength in depth now, this is probably the strongest squad Mikel Arteta has had. This is their opportunity, I feel, to win the Premier League.
‘Arteta’s built a really strong squad and he must believe and they must believe this is their year if they keep the majority of the squad fit.’
Summer signing Martin Zubimendi scored twice in Arsenal’s win over Forest, with Viktor Gyokeres netting the other in a comfortable win.
Arsenal boss Arteta said: ‘We had quite a lot of uncertainties, the boys had been away for 10 days travelling the world, only one day to prepare the match with an early kick-off.
‘With those conditions, I think the boys did really well. A lot of new relationships on the pitches and you can see how they will flourish. Three goals, a clean sheet, three points so, overall, very good.’
Asked about the strength in depth of his team and whether he created selection dilemmas, Arteta added: ‘This is what we want.
‘When you look at other teams and the squads they have built, we all have the same. You want to be competing at the very highest level.
‘We’ve lost Kai [Havertz] already for three of four months, Bukayo [Saka] for a few weeks and you need replacements. In the Premier League, it is so tough.
‘We have a lot of games so we need everybody, we are going to have to rotate the team and keep the freshness and the spirit very high.
‘We have a beautiful game to play now in Bilbao, very close to my home town and I know how it is going to be.’
