Jurgen Klopp's high flying side were last crowned champions of England in 1990.
The Merseysiders, who were last crowned champions of England in 1990, before the start of the Premier League, are second in the table, a point behind leaders Chelsea.
Liverpool beat Sunderland 2-0 last weekend but saw star playmaker Philippe Coutinho suffer an ankle injury in the process.
The Brazilian has scored five league goals already this season but former Scotland midfielder Souness said the club had the resources to cope with his absence.
"Of course it's a blow. But I was (Liverpool) captain there and regarded as one of the better players and I was out for 10 games and they won every single one of them," said Souness, now a pundit with Sky Sports.
"At the start of the season I would have signed up for finishing in the top four, but now I'm looking for a wee bit more," explained Souness, who won five league titles and three European Cups during his time at Anfield.
"But we're not even in December. One year at Liverpool we lost to Manchester City on Boxing Day and were 12th in the league, everyone was writing us off and we still won it.
"So to start picking a winner now is really hard. But of the candidates, Chelsea look scary to me.
"They don't have to have all of the ball to win games. Liverpool do, Manchester City do, Arsenal do. Chelsea play in a pragmatic way, they are hard to beat.
"They all seem to know what they are doing now and Diego Costa and Eden Hazard are a real threat. But it could change dramatically in the next month."
Meanwhile Souness, who had a brief spell as Liverpool manager from 1991 to 1992, was impressed by the way boss Jurgen Klopp had settled in at Anfield.
"I think he's the perfect fit for that club," said Souness of the German manager.
"He's a man who wears his heart on his sleeve and he's at a very emotional football club. I think it's working beautifully right now."