Chelsea are nine points clear of Spurs at the top of the table, with Manchester City and Arsenal making up the top four.
Liverpool were also challenging for the title before their implosion at the start of the year.
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I wonder if they have a few injuries to players how that would affect them
Graham on Chelsea
Costa has scored 15 top-flight goals for Chelsea this season, while Hazard boasts 10 goals as both men return to form following last season's disastrous campaign.
And Graham, who was in charge of both Arsenal and Spurs during his managerial career, says Chelsea look good for the title.
"I see some weeks Manchester City are so poor defensively, then a couple of weeks later they are outstanding," he told talkSPORT.
Diego Costa and Eden Hazard (right) have scored 15 league goals between them this season
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Diego Costa has returned to top form at Chelsea
George Graham won six major trophies during his stint as Arsenal manager
"Liverpool were outstanding but now they're struggling.
"Chelsea at the start of the season were awful and against Arsenal lost 3-0. Changing to three at the back (has worked).
"The three are not the best but the system works.
"Hazard is on form, Costa up front. I wonder if they have a few injuries to players how that would affect them."