By Phil McNulty Chief football writer

Ferguson will be celebrating again in May

Chelsea may have re-written the Premiership rulebook with Roman Abramovich's financial firepower - but one law remains the same.

It is the adage that any team finishing above Manchester United can be almost guaranteed the championship.

It applies as much now as it did before the Russian billionaire rolled up at Stamford Bridge and started wielding his cheque book.

And that is why United have got to be favourites to retain the title they won with a mixture of brilliance and resilience last season.

Abramovich has allowed Chelsea to muscle in and shake up the old order of United, Arsenal and Liverpool as the top flight's power brokers.

But the Stamford Bridge spending spree has so far failed to unsettle Sir Alex Ferguson and Arsene Wenger.

With Ruud van Nistelrooy still the most potent striker around, and the late additions of Kleberson and teenage star Cristiano Ronaldo, United are in prime position to win the Premiership again.

Arsenal will be desperate to make up for the bitter disappointment of losing a championship that looked theirs for the taking last season.

And despite a lack of expensive signings, Wenger still has the team most likely to pose a genuine threat to United's supremacy.

No team boasting the talents of Patrick Vieira and Thierry Henry can be discounted, but Arsenal's lack of defensive cover may again let them down.

Ranieri has splashed the cash

Chelsea, despite the cynicism directed at those seen to be attempting to buy the title, must not be discounted.

Claudio Ranieri's side had enough quality to finish fourth last season, and with the addition of �75m worth of talent will be serious contenders.

Damien Duff is an outstanding signing, although the midfield formula concocted by Ranieri will be an interesting one.

Chelsea may well be among the silverware, but it is unlikely all the pieces will be put together quickly enough to claim a Premiership.

Newcastle United continue to improve under the masterly guidance of Sir Bobby Robson, but it is unlikely the addition of Lee Bowyer will make the difference between qualifying for the Champions League and claiming the title.

Liverpool are without a title success since 1990 - but boss Gerard Houllier has added quality and flair to the ranks in the shape of Steve Finnan and Harry Kewell.

Houllier has made it his personal mission to deliver the championship back to Anfield, and he will be hoping the addition of Kewell allied to traditional defensive solidity will indeed by the missing link he has talked about.

The title winners will come from these five clubs - there are no dark horses in this race.

And, when the winning line is passed, Manchester United will prove once again they are the thoroughbreds.

MCNULTY'S VERDICT
Champions - Manchester United.
2nd - Arsenal.
3rd Chelsea.
4th Liverpool.
FA CUP
Liverpool.
Carling Cup
Newcastle United.
Relegated
Wolves, Fulham, Leicester City.