Chelsea began their title celebrations after beating relegated Sunderland 5-1 on Sunday and can win the domestic double by beating Arsenal, who fell short of a top four finish despite a 3-1 win over Everton, on Sunday.
"If you ask me who is the favourite now, it's Arsenal," Conte told reporters on Sunday. "They have this chance to find a good season, to have a successful season.
"Arsenal missed out on the Champions League and we must prepare in the right way. I'm not talking about tactically -- I'm talking about motivation.
"The right fire in our soul and heart. If we have more than Arsenal then we'll have the possibility to win."
Conte can become the second manager to win the double in his first season after fellow Italian Carlo Ancelotti achieved the feat in the 2009-10 campaign.