That is the view of Sky Sports pundit and former Arsenal forward Paul Merson.
Manchester City are the favourites with the bookies to win their first Champions League title this season after a stunning campaign so far under Pep Guardiola.
Both they and Liverpool are all but through to the quarter-finals after comprehensive last-16 first-leg wins over Basel and Porto respectively.
Liverpool currently sit third in the Premier League, 18 points behind runaway leaders City.
Merson believes Liverpool should be favourites to finish above Manchester United in second and reckons their 4-3 win over City in January shows they can beat them on the biggest of occasions.
“They’re not in the betting (favourites to finish second),” Merson said.
“(But) in my view, they should be. In my view they should be.
“I went to the cup final last week and I watched Man City. If Man City play Liverpool in the Champions League final, Liverpool will beat Man City.
“They won’t be able to live with them up front. They won’t be able to live with them.
“Their front three for me I think would rip them apart like they did at Anfield. I think they are phenomenal.
“They’re just getting it together now.”