Liverpool remain top of the league after 23 matches, holding a four-point lead over reigning champions City.
Pep Guardiola's team are on a four-game winning streak in the English top flight, a run which includes a 2-1 win over Jurgen Klopp's league leaders.
After reaching the Champions League final last season, the Anfield side are hoping to secure silverware this term by maintaining their strong start in the Premier League.
While star shot stopper Alisson believes his side are strong enough to threaten City, he believes the Manchester club could spring a comeback in the last 15 games of the campaign.
"Liverpool now have the quality to fight for the biggest trophies, there is no doubt about it," the Brazilian told reporters.
"But there’s a long way ahead of us and it’s important to be sure where we are going.
"City proved their strength by winning the league comfortably last year. They have also invested for this season, so their team is even better now. They are very tough opponents and the big favourites.
"However, we also have our ambition to win the league this season and I believe in our talent to go all the way. But we have to think step by step and make sure we keep our feet on the ground."
Liverpool are back in Premier League action on Wednesday when they host Leicester, a day after City visit Newcastle. Then City take on Arsenal on Sunday before Klopp's men travel to West Ham the following day.