The Croatian was praised by manager Brendan Rodgers after producing an impressive performance in Liverpool's friendly thrashing of Borussia Dortmund
Rodgers was full of praise for his €25 million recruit following Sunday's goal-scoring performance against Borussia Dortmund, saying "he is exactly what I've been looking for since Jamie Carragher left".
But while he admits his manager's comments were pleasing, the 25-year-old Croatia international insists he has plenty of work to do as he attempts to live up to an Anfield legend.
"The manager said he sees me like a leader. I said to him I'm still young. I'm 25, but I will try my best. I will lead the team," Lovren told The Guardian.
"I don't have so much experience like Jamie Carragher but it will come and it is a great honour to be compared by the manager with a player like that.
"I like to talk during the game, I like communication with the lads – to keep me awake apart from anything else. But it's the beginning."
Liverpool finished just two points shy of eventual Premier League winners Manchester City last season before losing controversial talisman Luis Suarez to Barcelona for €88m.
Rodgers has moved quickly to bolster his squad, however, recruiting, among others, Rickie Lambert, Adam Lallana, Emre Can and Lazar Markovic - and Lovren believes the Reds are capable of challenging again.
"I can't say that we can win it but we have a really good chance. Chelsea, Arsenal, Manchester United, also Manchester City. They are the ones," he added.
"It will be tight, like last season, but we will be here fighting. I think it will be even better than the last year."
Liverpool kick off their Premier League season at home to Southampton on Sunday.