Sky Bet are considering the Premier League title battle a three-horse race, pushing Arsenal out to 20/1 following their 1-0 defeat at Stoke.
The Gunners slipped up at the Britannia Stadium as title rivals Liverpool and Chelsea recorded victories, winning 3-0 and 3-1 at Southampton and Fulham respectively.
That defeat has prompted the odds on Arsene Wenger's men ending their trophy drought by winning the league to almost treble in one day, having been as short as 2/1 in December, with just one win to their name in four games.
The Gunners are now four times the price of Brendan Rodgers' men despite being on the same points, four points adrift of the Blues who are 6/5 favourites to lift the trophy.
Manchester City follow at 11/8 as they sit a further two points back with two games in hand, having been considered favourites for the majority of the season.
Sky Bet's Head of Football Trading Paul Wiggins said: "Some might be surprised by the significant difference in prices between Arsenal and Liverpool but the form book clearly favours Brendan Rodgers' men.
"15 goals in four successive victories is certainly the form of title contenders and our punters have been suitably impressed, backing them in their droves at short odds to beat Southampton.
"In contrast, Arsenal have dropped points when they were favourites to win on various occasions of late, an ominous sign as they begin a crucial month which sees them face Tottenham, Chelsea and Manchester City in the league after two big cup clashes with Everton and Bayern Munich."