With 11 matches of the season left, Bale has already racked up an impressive 15 goals in the Barclays Premier League - five more than his previous best in an entire season.
That tally leaves Bale four short of current top scorer Robin van Persie, and three adrift of Liverpool's Luis Suarez, but if the trio keep on scoring at their current rates then it will be the Welshman who ends up finishing the season as top scorer.
"It is possible (that Bale can win the Golden Boot), yes," Villas-Boas said. "That would be excellent. I am not sure (if he will). It is difficult. There are a lot of players competing. Van Persie, Suarez, and Jermain Defoe is still in the mix, but it is possible."
Villas-Boas played down the suggestion that Spurs are now the masters of north London, but he knows the seven-point gap they will open up over Arsenal if they win will prove crucial in the race for Champions League qualification.
"We are focused on trying to win because it's important to establish our position in the Premier League," the Tottenham manager said.
"Our objective is to gain the most amount of points as we can and against Arsenal, we have the chance to move further away from them and put ourselves in a more comfortable position.
"It's an opportunity. The players are ready, prepared and we all know what we want to achieve this season. This is a very specific game, anything could happen really.
"I think it will be an open game from both sides, full of emotion, full of adrenaline, unpredictable. I think that's the sort of game we expect and most of the fixtures have translated like that."