I think it is still too early to say they are favorites to win this season even though Liverpool have done a very good job and are ranked very well in the Premier League this season. Everyone still has to see the quite fierce competition between the three best teams in the Premier League this season, because the points held by Arsenal and Manchester City are also quite close to Liverpool's points and are not even any different from Arsenal. So the three of them still have to be said to be favorites even though only one team will be champion at the end of the season.
I don't know think it's actually too early but I think it's timely but what shouldn't be done is adding some kind of certainty as it may not turn out well enough with Your expectations as almost all three teams has got what looks like an equal chance to winning the trophy as at now as they are closely apart from each other on the table, and until there's a good difference in their points away from each other.
Liverpool has done enough to be seen as the favourite and having the potential to winning the trophy this season, it's now a race between Manchester city, Liverpool and Arsenal as all teams are ahead each other with less than 10 points so the probably it will be much easier if after next fixture that they will be playing we would be able to really ascertain how well each of the teams will be able to get to the top of the table and probably be able to win the trophy aswell so I'm in much anticipation of the next fixtures these teams are going to have .
Liverpool will be facing a less tough team so it could be seen as an opportunity for them to get on to the top of the table again and probably getting that chance they have been longing for to make them see if they will be able to make the best out of it and probably get to win the premier league title this last time before their head coach klop takes his leave from the team and same applies to the Europa league aswell.