John Barnes backed Liverpool for a top-three Premier League finish next season, although the Reds great believes the title race will be between Arsenal and Manchester City again.
Pep Guardiola's City overcame Arsenal in a two-horse title tussle last campaign, with Mikel Arteta's Gunners already strengthening for next term by signing Declan Rice, Kai Havertz and Jurrien Timber.
Jurgen Klopp's side were far from their best in the 2021-22 season but battled to a fifth-place finish to secure Europa League football for the upcoming campaign.
Liverpool have bolstered their midfield options by bringing in Alexis Mac Allister and Dominik Szoboszlai, with Barnes expecting the Reds to return to the top four this time round.
"As I've mentioned in the last year the injury situation really worked against us last season," Barnes, a two-time First Division winner with Liverpool, told Stats Perform.
"And of course, from that perspective, in terms of the age of the players we have to reduce the age and we did that in terms of the young players we had.
"So, it's a bit of a transitional period, not just in terms of the injuries and not having all the players available, but also in terms of having younger players coming into the squad.
"We have to give them time to develop and to grow to show their consistency. So, I have no doubt that we will be back, I'm not going to say we're going to win the league, but we'll be much closer to the top and I fully expect us to be in the top three next season."
Experienced midfielders Jordan Henderson and Fabinho, two staples of Liverpool's title-winning side under Klopp in the 2019-20 term, are expected to depart for Saudi Arabia.
The additions of Mac Allister and Szoboszlai will aid Klopp's cause but former England international Barnes believes Guardiola's City will again have too much quality to be overthrown at the top.
He added: "City are favourites, I think Arsenal have strengthened very well in terms of the players they've got with Declan Rice and Havertz, therefore they will be strong once again.
"There was a little bit of inconsistency towards the end of last season, but that will stand them in good stead. So I'll make those two, alongside ourselves, those two will be the main targets.
"Manchester United will also be stronger as well because of the harmony that they have within that squad and the lack of uncertainty in terms of the manager and the players and who's in charge.
"Chelsea will be interesting, to see how [Mauricio] Pochettino handles that situation. And Tottenham, with a new manager [Ange Postecoglou] from Australia, are they going to take that if all of a sudden they don't win matches?
"Are they then going to be negative because he's not a European? So yeah, I think that probably leaves ourselves, Arsenal and Manchester United [for the top four]."
Former Reds midfielder Lucas Leiva echoed Barnes' sentiment, suggesting Liverpool are strong enough to compete alongside the likes of City, Arsenal and United for the title.
"The top six, normally you expect all of them to challenge," the Brazilian said. "City is in a great moment, Arsenal are improving every year as well.
"I think Chelsea are playing only in the league this year. I think that could be better for them. I would say they could concentrate only on the league.
"And Liverpool like every season will be stronger. United as well. So the teams that we expect to challenge. City today are the team to beat but Liverpool are strong enough to compete for sure."