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Manchester City currently sit in first place after eight games, with Arsenal second, United third and Crystal Palace, Leicester City and West Ham making up the top six following Chelsea and Liverpool's poor starts to the campaign.
And Ferguson has backed his former club to capitalise on the inconsistency shown by other sides to put themselves in contention for a first league title since the Scot retired in 2013.
"It's that kind of league, anyone can win it now," he told ESPN FC.
"Leicester are the most consistent - they've only lost one game.
"If we [Man Utd] get to New Year up near the top, we'll have a good chance."
Ferguson also expects Wayne Rooney to regain his confidence and rediscover his best form in front of goal after scoring just once in the Premier League so far this season.
He added: "All the strikers I had, everyone relied on their confidence. When they were scoring they think they can never stop, when they're not scoring they think they're never going get a goal, it's a fact.
"When I was a striker I was the same; my dad used to say 'make sure you hit the ball, don't try and pass it in the net.'
"Eric Cantona had it, [Ruud] van Nistelrooy had it, [Andy] Cole had it and then the rich stream comes along again and they're back to normal. I think we'll have to wait, it'll happen. [Rooney will] go on a run, don't worry about that."
(culled from goal.com)
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