Michael Owen believes that Liverpool can still win the Premier League title, despite their current position of 12th place and an 11-point deficit to leaders Arsenal.
The former Liverpool striker admitted that the chances are low whilst insisting the trophy isn't beyond reach.
He said: "It's likely they'll miss out, but I still think it's within reach."
The defending champions have endured a dismal run, dropping points in six of their previous seven league fixtures.
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Their latest setback came in a 3-0 home defeat to Nottingham Forest on Saturday, compounding a miserable sequence under manager Arne Slot.
Liverpool's summer investment of approximately £450million has yet to yield consistent returns, but Owen points to specific matches as proof of the team's underlying quality.
Speaking on the Mennie Talks Podcast, the ex-England striker explained: "I mean, that performance against Real Madrid, I know it was only 1-0, but it could have been 4-0. I mean, they were absolutely brilliant."
The former Ballon d'Or winner highlighted additional standout displays, noting Liverpool's excellence during a half against Villa and their victory over Arsenal at Anfield.
Michael Owen admitted that the chances are low
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Owen argued these performances demonstrate the squad's capability to produce exceptional football, suggesting such glimpses of brilliance could spark an improbable title challenge.
The former England striker conceded that inconsistency remains Liverpool's primary obstacle, acknowledging the team's erratic form throughout the campaign.
He added: "I'm not dressing it up, they're not consistent. They're not at their best, but it's not like they're playing badly,."
Owen also emphasised that Liverpool displays championship-winning football sporadically rather than maintaining excellence across entire matches.
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Michael Owen believes that Liverpool can still win the Premier League title
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"You can still see they're a great team in patches, in certain games. It's just the consistency," Owen observed.
The 45-year-old particularly criticised Liverpool's Champions League loss to Galatasaray, describing it as an especially "poor performance" that exemplified their unpredictable nature this season.
Despite his optimism regarding Liverpool's potential, Owen believes Arsenal will most likely secure the championship this season.
He explained: "I think they're quite a consistent team."
The former Ballon d'Or winner highlighted additional standout displays
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The former England international defended Arsenal's credentials, noting their progression towards title contention.
He added: "They've come second three times. No one just goes and wins it," drawing parallels with previous champions Manchester City and Liverpool, who required multiple near-misses before claiming titles.
Owen highlighted Arsenal's impressive recent record, stressing that they accumulated more points than any Premier League side over the past three years.
He also praised their Champions League semi-final appearance last season as evidence of their quality.
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