Former Liverpool captain Phil Thompson believes the Reds are just one of six teams capable of winning the Premier League this season.
Liverpool's title odds have been cut from 9/1 to 3/1 by Sky Bet following an impressive start to the campaign which currently sees them sit level on points with leaders Manchester City after nine games.
However, despite now being second favourites for the league, the Soccer Saturday pundit has called for calm from the Anfield faithful as he believes the likes of Arsenal, Tottenham Hotspur, Manchester United, Chelsea and City are all in with an equal chance as the Reds of winning the title.
"I'm still cautious," he told Sky Sports. "I don't think anybody should get carried away. There's still so many teams which are capable of winning the league, all of the 'big six' have a chance.
"People thought City were going to be running away with it after their perfect start and suddenly it's supposedly crisis.
"It's a Premier League weekly, because a different team is becoming the flavour. Just look at Arsenal, they were being written off, then people start to believe, then they draw with Middlesbrough and talk about them goes quiet again.
"Liverpool have as good a chance as most, but I stick with my pre-season prediction in making Manchester City favourites.
"We're still in the infancy of the campaign and I'm just hoping Liverpool are there come April, still playing the same football."
Jurgen Klopp's high-intensity style is having the desired impact, with his side top of both the distance covered and the sprint charts, while they have also scored the joint highest number of goals in the league this season.
Thompson is enjoying what he's seeing from his old team, but is also wary of the challenge of them having to maintain such intensity going forward due to a lack of squad depth compared to their rivals.
"It is quite reminiscent of Brendan Rodgers' season when we finished second and everybody enjoyed the way Liverpool played, except for Everton and Man United fans," he said.
"However, I'm not sure our squad is as big as the likes of Arsenal and City, so we need to keep the core of the squad fit, the likes of Dejan Lovren, Philippe Coutinho, Roberto Firmino, Jordan Henderson and Sadio Mane.
"I would still think the squad needs strengthening a little bit. Just look at the left-back situation, James Milner deserves massive credit in an area where we lacked options when Alberto Moreno was struggling."
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