Pep Guardiola’s side won the top-flight crown for the first time under the Spanish head coach last season with 19 points to spare.
Manchester United were Manchester City’s closest challengers but Jose Mourinho’s men didn’t come close to upsetting the Citizens’ momentum.
Liverpool FC, meanwhile, finished 25 points adrift of Manchester City, although Jurgen Klopp’s men won their last three games against the Eastlands side.
Indeed, the Reds were 5-1 aggregate against Manchester City in the Champions League quarter-finals to lay down a marker ahead of the new Premier League campaign.
Klopp has spent heavily in the summer following the additions of AS Monaco midfielder Fabinho, RB Leipzig star Naby Keita, Stoke City playmaker Xherdan Shaqiri and AS Roma goalkeeper Alisson Becker.
Former Liverpool FC defender Thompson believes the Reds will finish second in the title race unless Manchester City lose their ability to score late goals.
“I’d love to back Liverpool and I do think we’ll be the nearest challengers but there’s a lot of points to make up on Manchester City,” Thompson told Sky Sports.
“Our chance will come if City lose the knack of scoring late goals.”
Liverpool FC finished the Premier League season in fourth place in the table to ensure their continued participation in the Champions League following a 3-1 loss to Real Madrid in the Kiev showpiece.
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