The Reds were 3-1 winners against defending champions Manchester City at Anfield on Sunday evening to move nine points clear of Pep Guardiola’s side.
Goals from Fabinho, Mohamed Salah and Roberto Firmino secured their 11th victory of the Premier League campaign.
Liverpool FC have already beaten Arsenal, Chelsea FC, Leicester, Manchester City and Tottenham Hotspur this season to underline their title credentials.
The Merseyside outfit have established an eight-point advantage over Leicester and Chelsea FC in the chasing pack.
Manchester City have lost three times since Aymeric Laporte succumbed to a serious injury at the end of August.
Although Neville says Liverpool FC are playing title-winning football, the Sky Sports pundit warned about potential injuries to key players having an impact on their title challenge.
“You’ve got to be some team to win the Champions League, to get to back-to-back Champions League finals, to chase Manchester City right to the end of last season,” Neville told his Sky Sports podcast.
“Liverpool are playing Premier League title-winning football and have been for the last 18 months. Yes, they could blow this lead, yes City could come back, yes there could be a shock from Chelsea or Leicester, but it’s becoming more unlikely.
“The biggest risk to Liverpool is getting caught up in the Champions League or caught up in injuries to the likes of Sadio Mane, Mohamed Salah, Virgil van Dijk. They would have a big problem were they to lose two of those players for a couple of months, just like it has been for City losing Aymeric Laporte.
“But all things point towards Liverpool being big, big favourites for the Premier League title. It’s not because they are nine points clear of City, it’s the steps they have been taking in the seasons before to move closer and closer.
“Eventually, they will get there and, at this moment at time, they are going to take some real stopping.”
Liverpool FC are currently without their second-choice centre-half Joel Matip, who has forged an excellent partnership with Virgil van Dijk over the past 12 months.
The Reds will return to Premier League action with a trip to Crystal Palace on Saturday 23 November, before Napoli make the trip to Anfield in their next Champions League fixture.
Klopp’s men won the Champions League crown last season thanks to a 2-0 win over Spurs.
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