Liverpool manager Arne Slot said it is completely normal for his side to be viewed as favourites to retain their Premier League crown, citing last campaign's success rather than their close-season transfer activity.
Liverpool, who won the Premier League last season to secure a record-equalling 20th English title, have bolstered their squad with the arrivals of Florian Wirtz, Hugo Ekitike, Jeremie Frimpong, Milos Kerkez and others.
The Merseyside club, however, have also had Trent Alexander-Arnold leave for Real Madrid, Luis Diaz move to Bayern Munich and Jarell Quansah to Bayer Leverkusen, while their Portuguese forward Diogo Jota died in a car crash last month.
"It's completely normal that we are one of the favourites, because we won it last season," Slot told reporters ahead of Sunday's FA Community Shield showdown against Crystal Palace.
"And we brought in good players. Like all the other teams did, by the way. This is what makes this league so nice."
Liverpool had only signed forward Federico Chiesa from Italian side Juventus in the close-season window last year.
"Every team in the Premier League is spending money. So if we are only favourites because we've spent a bit, I would see that as weird because we've lost a lot as well. But that we are favourites because we won it last season and we played so well, that's clear," Slot said.
"And the ambitions haven't changed, because the ambition of this club is always to compete for every trophy."
Liverpool, eyeing a 17th Community Shield title, face FA Cup winners Palace at Wembley.