The Canaries suffered a 4-1 defeat at Stamford Bridge earlier this season and they face a Chelsea side that thrashed Aston Villa 8-0 just three days after.
With The Blues now third in the table, 11 points behind league leaders Manchester United and seven behind Manchester City with a game in hand, Hughton believes they are still on track for the title.
He said: "They have great attacking options. We experienced that at their place a couple of months ago.
"Victor Moses is starting to show his real quality now. Fernando Torres is hitting very good form.
"The fact they kept a clean sheet against Aston Villa as well shows the quality and depth they have throughout the squad.
"David Luiz playing in midfield is a role everybody felt was a role he could do and he showed some real quality.
"They are fairly formidable. They are placed very well in the league with a game in hand. They are still in the Capital One Cup with a great chance to progress (to the final).
"At the moment Chelsea are on a high and he [Benitez] will be judged on that.
"He will perhaps look at the two teams above them at the moment and think 'will they go through the season without dropping points?'
"That is very difficult. Swansea showed against Manchester United that everybody is fighting. If they (Chelsea) put a good run together then everything is possible."
Norwich will be hoping to dent those title prospects by returning to winning ways after their ten-match unbeaten league run was ended by West Brom on Saturday.
Hughton's men are tenth in the league, with equal points to Liverpool and Stoke.
He said: "For a club like ourselves to go unbeaten in this division (for 10 games) was a fantastic run.
"That has gone now and we have two very tough home games to look forward to.
"If someone had asked if would we be happy with the league position and the points we have got at this stage of the season, we would have said 'yes'.
"But it is about trying to continue the good things we have been doing. A good thing for us is we have been in every game. We certainly deserved a draw from the game at West Brom.
"These are the games you have to look forward to. We will make sure we are well prepared."
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