Chelsea's blistering form has seen it drop just two points so far this campaign.
The 38-year-old Welshman knows what it takes to win a league title, having been a key man in United's success in recent years.
And he also knows his side cannot allow Chelsea to stretch its lead at the top of the table.
Giggs said: "We recognise we cannot afford to let Chelsea get too far ahead in the title race.
"They are four points in front and have got off to a good start so it is a big game."
Giggs also believes it is important to start the game well – something United has struggled to do in all competitions this season having fallen behind eight times in 12 matches.
"You cannot go throughout a season and keep going behind and having to rely on the lads up front to score the goals," he said.
"It is something we have looked at and are still looking at.
"It happened again against Braga but against Chelsea if we go behind it will be tough to come back."
Chelsea will be looking to bounce back from a disappointing defeat in its UEFA Champions League game at Shakhtar Donetsk.
He said: "It is good that this happened now because Manchester United is a similar team who play on the counter-attack away from home.
"We will play more or less the same kind of side as Shakhtar – we didn't deal with it well so hopefully this will serve as a lesson for the weekend."
Another standout fixture will take place at
Everton is already six points and eight places better off than the Reds, and defender
The England international said: "I think it's a strange one. Normally we are desperate to beat them just because it's Liverpool.
"This time we would love to beat them but we have to think about keeping ourselves up towards the top of the league."
Meanwhile, champion Manchester City will have something of a point to prove after its European defeat at Ajax in midweek.
Arsenal will host basement side Queens Park Rangers as the Gunners look for a positive end to a dismal week which saw it lose to Norwich and Schalke.
In other fixtures, winless Reading hosts Fulham, Sunderland travels to Stoke, Wigan takes on West Ham, Aston Villa hosts Norwich and Southampton will be on the hunt for its second victory of the campaign when it takes on Tottenham at St Mary's.