Erik ten Hag takes his side to the Emirates on Sunday on the back of a six-game unbeaten league run.
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United had won five in a row until Wednesday's 1-1 draw at Crystal Palace when they were denied another three points thanks to Michael Olise's late leveller.
The draw at Selhurst Park left United in third place, eight points behind Mikel Arteta's side ahead of Sunday's crunch clash at the Emirates Stadium.
Despite the gap between the two clubs, Jordan is not ready to declare the title race as a foregone conclusion and believes anything can happen between now and the end of the season.
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"We are in the territory of forgetting we're 19 games into a season and there's been many times when a lead has been hunted down," Jordan told talkSPORT.
"Newcastle United specifically [in 1996] and teams have hunted them down. That was the Manchester United of the past.
"This Manchester United is probably slightly ahead of schedule in people's minds so the fact they're in a conversation is probably more prevalent than the conversation was going to end in the outcome of Manchester United winning the league.
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"They can win the league potentially if other people slip up. Will they win the league? Unlikely."
Jordan paid tribute to the performance of both Palace and Manchester United in Wednesday night's pulsating draw.
The former Eagles owner was quick to remind people that Manchester United are not the only big club to have slipped up at Selhurst Park.
He added: "There are many teams that have played under the floodlights of Selhurst Park in a midweek game and come a cropper. Most notably Liverpool when they were in pursuit of the title.
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"It's a place where teams find it difficult to play. Palace are a good side and United weren't bad and nothing lasts forever.
"I don't think you discount yourself from the occasion, I don't think Arsenal win the league if they beat Manchester United, I don't think you'd rule Manchester United out of the equation because many things happen."
When asked if an Arsenal victory on Sunday - which would send them 11 points clear of the Red Devils with a game in hand - would be too much for Manchester United to claw back, Jordan still refused to rule out Ten Hag's side.
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Jordan replied: "On the balance of probability, sensible views would say United are not in that conversation. I think they're in the conversation but I don't think they're the outcome from the conversation."