"I think you look at the start of next season and, with the squad Liverpool have, and if they get their away form right immediately, they can win the title," said O'Neill.
"Manchester United and Chelsea are fine sides and have been consistently good but I don't think Liverpool are as far away from winning the Premiership as some might mention.
"It is not going to happen this season but they have brought in a lot of players and it takes time for them to gel.
"They have strengthened their squad considerably and, having had a couple of years to look at Manchester United and Chelsea, they have realised what it takes.
"They didn't win away for a while this season, and that was a bit of frustration for them, but they got it right now and are a formidable team."