To me, the league is between Manchester City, Liverpool and Arsenal.
For now, I can't say who would win, but if I were to bet now, my money is on Liverpool. The players they bought are good players and players that fit right into their system. If they continue on the form they were last season, they are going to have an even better season, but we will never know until the season starts.
Manchester City have done some good business too, but will the players pick form from the beginning of the season? I don't know. I don't think they have a very strong squad because their wigs are not good enough but with Pep at the wheel you cant write them off.

As for Arsenal, with the signing of a striker they might get better, but I'm still not that impressed with their wings. The addition of Madueke is not something that excites me, so its still only Saka who is the exciting player. they have a good midfield and defense and with Saka and Gyokeres in attack, they may be up to something.
By the end of the transfer window, I would make my bets but for now, I'm still observing.