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Despite being the reigning Premier League champion and currently leading the table with a flawless winning record, even Liverpool legend Jamie Carragher doesn't believe the Merseyside club has the strongest squad in the country.
Arne Slot's team embarked on a spending spree this summer, bringing in 10 new players and breaking the British transfer record twice to secure Florian Wirtz and Alexander Isak.
Liverpool spent more than $600 million in the market.
However, this expenditure was offset by approximately $300 million raised from player sales, as key figures like Trent Alexander-Arnold, Luis Diaz, and Darwin Nunez departed.
This resulted in both the busiest and most expensive transfer window in the club's history, with Liverpool outspending all other Premier League teams.
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Yet, the Reds also ranked third in terms of income from sales, with Arsenal recording a higher net spend.
The Gunners splashed out just shy of $350 million to strengthen their squad with the additions of Eberechi Eze, Viktor Gyokeres, Martin Zubimendi, Noni Madueke, Cristhian Mosquera, Christian Norgaard, Kepa Arrizabalaga, and Piero Hincapie.
Following such investment, Carragher asserts that it is actually Arsenal - not Liverpool - who can claim to have the most formidable squad in England.
"I am surprised that Eze is not playing," he said on Sky Sports ahead of Arsenal's clash with Man City.
"It's not just about this left-wing situation because he could have gone inside as well, because Odegaard's missed out.
"I felt, when Eze came in, it would be for that left-wing position and one of the midfield three.
"And he's chosen to go with what you might call the more hard-working player, Merino in midfield - better maybe for set-pieces if you like rather than the creative player.
"But when you look at Arsenal's subs bench, I think there are five or six players on Arsenal's bench that, if you just swapped them with the player, it would make absolutely no difference to the starting XI at all.
"I think Arsenal have the best squad in the country and I do believe that
Let's not forget Odegaard's out, Havertz is out, and Jesus is out.
"That bench is as good as their team on the pitch, there's absolutely no doubt about that, and him [Bukayo Saka] more than anyone."
The Gunners suffered a 1-0 defeat to Liverpool at Anfield last month and found themselves six points adrift of Slot's side following the Reds' Merseyside derby triumph over Everton on Saturday.