Arsene Wenger has praised Mesut Ozil and feels the Germany international was a bargain signing at 40 million pounds ($60 million) following his fine performances for Arsenal.

The Germany international joined Arsenal from Real Madrid in September 2013 and has since developed into a key figure at the Emirates Stadium.

Ozil, 27, has already provided 11 assists in 12 Premier League appearances this campaign and Wenger is delighted with the playmaker's form.

"I spent £40 million on Ozil and it was a bargain because he is a top player," Wenger said at a news conference ahead of his team's match away to Norwich City on Sunday. "He is not just a provider now, he likes to get on the end of things."

Arsenal has been linked with a number of players in recent weeks as an injury crisis ravages its squad and Wenger has suggested he could enter the transfer market in January if the right opportunity presents itself.

"I love a bargain, who doesn't love a bargain? I bought [Patrick] Vieira for £2.5m and it was a bargain," he said. "If I find the right quality I will do something in January."

Arsenal's defeat at the hands of West Brom last weekend saw it drop to fourth place on the table, with Leicester now topping the Premier League.

Wenger feels Claudio Ranieri's men should be considered as title contenders if they can keep up their surprising form, while he also refused to rule out struggling champion Chelsea.

"You cannot rule Leicester out," Wenger said. "They are very explosive, they are on fire, especially on the flanks. They can create havoc on the counter attack.

"Are Chelsea still title contenders? Mathematically you cannot rule anyone out. It's a big opportunity for us."