Chelsea won't win it until Big Phil gets that midfield sorted out. You CANNOT, not EVER, NEVER, play Deco, Mikel, Ballack, Lampard AND Cole in the same team and expect results. It might work away from home, where home teams are expected to "come out of their shell", but at home any well-drilled team is going to contain a side whose line-up consists of what has effectively FIVE central midfielders. It's really a case of square pegs in round holes. Another problem is the lack of strength in depth. Kalou and Malouda could both do a job out wide, except they are not good enough.
Anyway, returning to your question,Liverpool could win the title, but they won't. My top 4 at the start of the season was 1. Man U ,2. Chelsea , 3. Liverpool, 4. Arsenal and I ain't seen anything yet to make me want to change my mind.