Honduras sealed a 1-0 win over already-qualified Costa Rica in San Pedro Sula on Friday, which means their fate remains in their own hands.
The only goal of the game arrived on the hour when Jerry Bengtson connected with Roger Espinoza's cross to score.
With Honduras odds-on to join USA and Costa Rica in the automatic places, Mexico and Panama are battling it out for fourth spot in the section which would secure a play-off with Oceania winners New Zealand.
And Mexico are now favourites after beating Panama 2-1 with last-gasp winner in the Azteca.
Oribe Peralta put Mexico ahead five minutes before the break, but then the Azteca was silenced when Luis Tejada fired home for the visitors.
But then five-minutes from the end Raul Jimenez scored with a spectacular scissor kick to maintain their World Cup hopes.
Mexico are now three points off Honduras, going into their final match-up in Costa Rica - but they know that an automatic spot is out of their hands.
USA made sure of top spot in the Concacaf section with a 2-0 win over bottom of the group Jamaica thanks to goals from Graham Suzi and Jozy Altidore.