Asked if Arsenal were out of the running, Ferguson told Sky Sports News: "I think so. Both managers said before the game that whoever lost had no chance of the title and I believe that today."
Two second-half goals from Portugal winger Cristiano Ronaldo and another from substitute John O'Shea turned a possible defeat into a rout for the visitors and lifted United into second place, eight points behind title favourites Chelsea.
"We've come from behind twice, it shows the measure of the team in terms of character and determination," added Ferguson. "There are no wimps in my team and they showed that tonight.
"It was a fantastic performance."
As for United's chances of denying Chelsea their first championship in 50 years, Ferguson said: "We could win every game right to the end of the season and not win the title.
"But I think the most important thing is that we showed we're on great form ourselves and, on that form, we must have a chance if they slip up."
Arsenal boss Arsene Wenger agreed with Ferguson's analysis.
Asked if Arsenal were out of the title race, Wenger said: "It looks like it, yes. We'll not give up but we are now too far (behind)."
The Frenchman pointed the finger at his team's defending but stopped short of singling out Spanish goalkeeper Manuel Almunia after his rash judgement in trying to tackle Ryan Giggs led to United's third goal.
KILLER GOAL
"We had to work hard for our goals but they did not have to work hard for their goals," Wenger said. "The third goal was a killer mentally, we never recovered from that.
"We are disappointed tonight but we have to recover."
Arsenal captain Patrick Vieira, who opened the scoring after eight minutes, made it clear United had deserved their win.
"Today we lost to a better team, all credit to them," said the French midfielder.
"But we are going to fight until the last game of the season and second place is still quite important for the (automatic) Champions League slot. We are going to keep going.
"We are a strong team mentally. Of course, we are quite disappointed with the way we played and the result of the game, but we have to respond. We have to bounce back."
Paying tribute to United's performance, Vieira said: "They didn't panic even when we were leading 2-1, they were passing the ball quite well and they showed a lot of experience.
"They were patient and they worked really hard for each other."
