Reigning champions Manchester United, Arsene Wenger's Arsenal and an expensively-assembled Chelsea outfit will undoubtedly be fierce rivals in the race to end a thirteen year wait without a title residing proudly at Anfield but Thompson firmly believes this could finally be Liverpool's time for glory.
Thompson, speaking to LFC Magazine, said: "I still think that with good runs, we can win the league. I believe that. We are one of those teams who can put runs together. We've done it before and we can do it again.
"Last year we had our good run at the start, and we had our bad run in the middle. That spell will never ever happen again. Towards the end we also had a great run, but the last two games were two games too many.
"We didn't lose the Champions League place against Manchester City or Chelsea. We lost it earlier in the season, but we still managed to put a string of wins together which took us back into the frame. I've got great faith in the squad, I've more than got faith in Gerard to succeed and to bring more trophies to the club."