The Reds are preparing for another title bid, getting back into Premier League action this weekend.
Last season, Liverpool narrowly missed out on the title, despite a superb season, losing the race to Manchester City.
Heading into this campaign, there is renewed excitement, especially after Liverpool snapped up big-money signing Darwin Nunez, while City signed superstar Erling Haaland.
And almost every pundit is backing a two-horse race again between Liverpool and City.
There are some who have mentioned Chelsea as a contender, with the Blues finishing third place last season, ending the campaign battling turmoil amid their ownership situation.
But very few are suggesting Arsenal as a contender, despite the Gunners spending more than £100million on new signings this summer.
City legend Aguero has, though, even if he does believe there are two clear favourites.
“Arsenal are dark horses for the title after their transfer business, but Man City and Liverpool are clearly favourites,” he told Stake.com.
“As always, I believe that the Premier League will show this season that it is beginning to be one of the most competitive leagues in the world.
“And in this sense, my candidates are Manchester City, which I think can repeat, Liverpool, Chelsea and I add Arsenal, which has strengthened very well and has had great games in the pre-season.
“City’s advantage is that it already has a team that knows what to do on the field and has added variants such as Haaland and Julian Alvarez.
“It is true that they must adapt but Pep has already said that great players do not need time to adapt. City have lost Sterling, although Liverpool – who will be in the fight – have lost Mane but have brought in Darwin Nunez.
“Everything will be very even, as it has been happening, but we will have to be attentive to Arsenal’s performance, which has put together a great project with the help of Arteta and I think that this year they will give people something to talk about.”
That’s a bold verdict from Aguero, with Arsenal blowing the top four race only a matter of months ago.
Liverpool will be confident of seeing off any bid from the Gunners, based on the evidence of recent seasons.