Liverpool finished in fourth place in the Premier League table last term to secure a return to the Champions League after two-season absence.
The Merseyside outfit have already made three additions to their squad ahead of the new campaign as Jurgen Klopp looks to add much-needed squad depth following an injury crisis in the second half of the 2016-17 season.
Liverpool signed AS Roma winger Mohamed Salah in a £39m deal last month before England Under-20 international Dominic Solanke completed a switch from Premier League champions Chelsea.
Klopp has even managed to address his team’s weakness at left-back with the addition of Scotland international Andy Robertson in an £8m transfer from Hull City.
Liverpool, though, have missed out on the signing of RB Leipzig midfielder Naby Keita and Southampton defender Virgil van Dijk in the summer transfer window so far.
Former Liverpool captain Thompson believes Klopp has a squad that is more than sufficient to compete in four competitions next term.
“I think he can deliver a trophy, even without the remaining signings that he wants to make,” Thompson told Sky Sports.
“I know a lot of Liverpool fans are nervous about a lack of activity but I think the squad is big enough – the aim is just to add players who are going to make the starting line-up.
“Mohamed Salah, Virgil van Dijk and Naby Keita were the players he was willing to pay big money for.
“Everybody is panicking because players are coming in from abroad or from lower Premier League clubs, but I think the team showed they were good enough to compete for a trophy.”
Liverpool are still waiting to lift their first piece of silverware under Klopp.
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