Robbie Fowler believes Manchester City remain Liverpool's biggest obstacle as they aim for an historic quadruple this season.
And the Reds legend feels his former club shouldn't be held "to ransom" over a new contract for Mohamed Salah.
Fowler played for both clubs during a decorated career, but it is on Merseyside where he is worshipped for his 183 goals across two spells that helped Liverpool to four major honours.
Having lifted the League Cup last month, Jurgen Klopp 's men are still vying for the Champions League, Premier League and FA Cup and will meet title rivals City in the semi-finals of the latter next month.
Having been drawn on opposite sides of the European pairings, the two could also square off in the Paris final in late May and while Fowler believes this current side is one of the greatest ever at Anfield, he feels City will also be just as determined to win a treble of their own this term.
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"There's a lot to play for and I am sure if you [ask] Manchester City, they will say exactly the same thing," Fowler told Sky Sports News at a charity golf event that helped raise thousands of pounds for Ukraine aid.
"They are tournaments that both clubs think they can win and they have got the players that are capable of winning many trophies.
"I think it is great being a Liverpool fan right now because we are seeing things that we probably haven't seen in the past. I know the club have won things and it sounds a bit silly but I think what we're seeing now is arguably one of Liverpool's greatest-ever squads.
"They are fighting for trophies on four fronts if you count the League Cup. But you've got Manchester City who are desperate to win the Champions League and that is the trophy that has eluded them more than any other. And it's a great time for football really, but I know where my loyalties lie anyway!"
Fowler added: "In all fairness, I do like City and there are lots of good people within the club, Pep Guardiola is an unbelievable manager and what I would say is if Liverpool don't win everything then I don't mind if City do.
"I think they are capable but will they? I probably don't think they will. We know how hard that is. The players are brilliant at the minute, but Man City are brilliant as well. This is the problem you have got.
"If Liverpool were in this era with [no Man City] to compete with them and then they would have won everything because they are that good, but City have a treble aspiration for themselves and that is the small thing of stopping Liverpool winning all their trophies is Man City are not a bad side either."
One of the big issues at Liverpool is the contract impasse regarding Mohamed Salah, whose current terms expire in the summer of 2023. A recent report claimed that talks had broken down between the club and the player, although Klopp has publicly declared that there is nothing for supporters to be concerned about at this stage.
Fowler hopes a resolution can be found for the 28-goal top scorer but thinks the club must ensure that any new deal doesn't disrupt the harmony within the Anfield dressing room.
"From a club point of view, I think the club know where they are," he said. "I think Mo knows where the club is and by all accounts, it's in Mo's corner. So we'll see what happens.
"I am a big Liverpool fan and of course I want the best players to stay but I also think you've got to be careful in the long scheme of things, you've got to look after the dressing room.
"I don't think people would begrudge him but there might be future players coming in and I am not sure whether players can hold clubs to ransom. So it'll be interesting to see but from a fan's point of view, I would love him to stay, I really would."
