Can they win? yes, delighted for them but it makes a mockery of the PL. It's also worth noting, that despite other clubs spending all that money, they can't put together the most basic formation in football with a good a team as leicester city.
Will they win? yes, but you'd still put city favourites at the moment, arsenal don't have enough in attack to win the PL I feel, giroud on 9, sanchez on 6 in the league. arsenal really owe a lot to ramsey if they do get close, giroud was a striker kept quite for most of the start of the season, and I can remember watching arsenal have no cutting edge to their attack at the start of the season, that was a shadow of the side we are seeing now. Campbell has freshened things up on the right of attack, reminds me of a Origi/Babel type. If Campbell improves his work rate, he can be as instrumental as kuyt was for liverpool on the right.
All common sense would suggest they will be over-hauled at some point, but there is zero common sense occurring this season. They'll need some injury luck, something not many of us have been afforded this season, but it'd be an amazing story if they could manage it. Or even top 4, that'd be great, and they must have a good chance of that with Chelsea United and Liverpool falling over themselves to be crap.
Like I said on another thread, it pretty much all depends on how they handle January and in particular their resilience to any big offers for key players. Do they have money to strengthen for the run in?
I also don't know what their injury situation has been. Are they overdue a run of bad luck and do they have a squad to cover for it?
They will benefit massively from not being in Europe, (as we saw with Liverpool's close call, it makes a difference) and currently they have no pressure and possibly in the early days had sides underestimating them a little.
How will they cope when they do start to feel the pressure? Manchester City have a team with several players who have twice chased down 'Champions Elect' to take the title on the last day. That experience could prove important in the last few games as long as they are still in touch by then.