Almost exactly two years ago, Hibernian sat third in the SPL table with 21 points from 10 games, just a point behind both Rangers and Celtic, both of whom they had already beaten, and fans began to dream of a title challenge.

But it then took them another 21 games to get their next 21 points, manager John Collins resigned and Mixu Paatelainen could only lead the side to sixth place.

That should serve as a warning to any Hibs fans getting carried away with their excellent start to the season which has seen them pick up 20 points from their opening 10 games - a run that has them sitting second in the table this time around under new manager John Hughes.

Pundits and fans alike have been talking up the prospect of a non-Old Firm side challenging for the title, with Kilmarnock boss Jim Jefferies quoted as saying he believes their stranglehold on Scottish football could be ended as early as next season.

But Hughes is right to play down expectations that Hibs could challenge this season.

He is only a few months into a rebuilding job at Easter Road and although his side are flying at the moment, he will be well aware of what happened under Collins two years ago.

But there is certainly a buzz around the place and there is little doubt that Hibs are picking up wins they would not have in previous seasons.

Even though Aberdeen were down to nine men with over half-an-hour to go last Saturday, Hibs showed patience and kept knocking at the Dons door before substitute Colin Nish headed the opener with two minutes to go and Liam Miller's deflected effort sealed the win.

So often in recent seasons, Hibs have picked up results against the Old Firm only to drop points against the so-called 'weaker' sides. That they more than matched Rangers at Ibrox and followed it up with a home win has gone some way to convincing some that Hughes' men have added more consistency to their game.

Some of the performances have been far from impressive, but they are reaping the rewards for spending their money wisely in the last year or so to bring in a better quality of player.

Derek Riordan is arguably as good as any striker in the SPL - his double, including a fantastic free-kick, at Falkirk earned his side a 3-1 win when they probably deserved no more than a draw on the balance of play.

The same applied when they defeated St Johnstone 3-0 at Easter Road - the Saints dominated for much of the game but Hibs' extra quality made them pay for missed chances.

That is the reason they could well make a sustained challenge against the Old Firm - they have the talent to see them through games when they are not playing well, just like Rangers and Celtic do.

Much will depend on what happens in January. Ivorian Sol Bamba will definitely depart for Angola to take part in the African Nations Cup while Abdessalam Benjelloun and Merouane Zemmama could join him if Morocco beat Cameroon later this month.

And of course, there is the danger 'bigger' sides will come in for their prized assets in the transfer window if they continue to impress.

But Hughes has operated impressively in the transfer market so far and if he is given the chance strengthen, you would back him to spend wisely.

Along the M8, Rangers are in all sorts of financial trouble and if they don't find a buyer before the New Year, they could be forced to offload a host of big names, including Madjid Bougherra, Pedro Mendes, Steven Davis and Kevin Thomson.

That could give Hibs a route into the second Champions League spot, and if Celtic continue to toil, they could well challenge for the title.

But history tells us it is unlikely though that they will maintain their current form for the whole season.

Hearts may well have challenged for the title in 2005 had George Burley not been sacked while eight years earlier they had an even better chance to win the title but won one of their last six games and finishes seven points behind eventual champions Celtic.

And of course there are the examples of Aberdeen in 1991 and Hearts again in 1986 losing out despite heading into the last day as title favourites.

Hibs are improving, as are Dundee United, and they will continue to give the Old Firm a fright and may win the odd cup competition but it may be a few years yet before we see a genuine title challenge from outside Glasgow.