"With respect to Roman Abramovich and his involvement in football, I think if Chelsea is such a good team it is because they have an outstanding manager," Blatter said.
The FIFA president has in the past poured scorn over the "pornographic amounts of money" in the game.
But Blatter also pointed out that other big European clubs have struggled for success despite massive investment in new players.
"Real Madrid have more star players than Chelsea, or Liverpool, or Manchester United," he said.
"You can add star players and star players but if the combination is not good, you have seen what happens at Real in the last few years."
Brazilian Vanderlei Luxemburgo was sacked by Real Madrid earlier this month. He was the club's fifth coach in the space of two and a half years.
"They have used three or four managers because it is difficult to bring the team together," said Blatter. "With money you do not solve the problem of supremacy.
"Football is unpredictable. The team is more important than a lot of stars together. This is the human face of our game."
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