The Reds are looking to continue their improved form this term as they continue to make progress under new boss Jurgen Klopp.
Liverpool FC earned plenty of praise for their performances last season after they ended up in fourth place in the Premier League table and reached the Champions League final.
But for all of their fine football, the Reds are still yet to win a trophy since Klopp’s appointment at Anfield back in 2015.
Liverpool FC have been busy in the summer transfer window, with the Reds having brought in four new players ahead of the new campaign.
The Reds have signed Fabinho, Naby Keita, Xherdan Shaqiri and Alisson Becker so far this summer as they prepare for the new campaign under Klopp.
And Warnock feels that the Merseyside outfit have done some great transfer business as they prepare for the new season.
Speaking to BBC Sport, Warnock said: “Liverpool have arguably done the best business in the window so far, albeit the most expensive.
“They are going to be stronger everywhere but, if they had not signed Alisson, I would not be backing them to finish second.
“Getting the goalkeeper right is that important, you only have to look at how many points David de Gea earned United with his saves last season.”
Liverpool FC reached the Champions League final last season but ended up losing 3-1 to Real Madrid.
The Reds will be aiming to be one of the main contenders for the Premier League title next season.
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