Liverpool fell five points behind Toure's former club after goals from Santi Cazorla and Aaron Ramsey secured Arsenal an eighth win in 10 games.
However, Toure does not believe Arsenal are favourites to become champions and is confident Liverpool can have a say in the title race.
"Arsenal are not the title favourites," said the experienced defender. "The season is long, we all want to be champions.
"This is only November. They will have a hard time as well. The season is not done yet, definitely.
"Both Arsenal and Liverpool definitely have what it takes to win the title. Two great teams, with great spirit.
"Both teams work hard and fight and, even though Liverpool were in a difficult situation, we kept fighting and I think that's really good. Both teams are strong mentally.
"When Coutinho came on, the game changed and that showed we have some good players, and we are really strong. But the second goal killed us.
"A great goal from Ramsey. If he doesn't score this goal, I think the game could have been different."
Philippe Coutinho returned for Liverpool as a second-half substitute following several weeks out through injury and Toure is happy to see the Brazilian playmaker back in action.
Toure said: "I call him my best player because he is amazing. Coutinho makes the difference.
"In training, he is one of the hardest to mark. When you have a player like that you know you have this magic and people haven't seen that yet. But they will because he is young."