Having seen previous leaders Arsenal thumped 5-1 by Liverpool in the first match of the day, the Blues took full advantage with a 3-0 victory over Newcastle while Manchester City dropped points as they were held to a 0-0 draw at Norwich.
Saturday's results saw Jose Mourinho's men cut to 5/4 from 2/1 for the title while City are out from evens to 11/8 and Arsenal have drifted from 9/2 to 15/2.
Despite their impressive victory in the early kick-off, Liverpool remain double-figure odds at 12/1, having started the day at 16/1, as they sit six points behind the Blues.
At the other end of the table, Crystal Palace are odds-against for relegation for the first time this season after continuing their revival under Tony Pulis with a 3-1 victory over West Brom.
Sky Bet Head of Football Trading Paul Wiggins said: "The majority of our punters have been convinced that the trophy will be heading to the Etihad this season with over three times as much money going on them than Chelsea.
"City were actually in 50 per cent of all accumulators on Saturday and their slip up has seen the Blues cut to the shortest price they've been all season."