The Reds were well positioned in the first half of the 2016-17 campaign to challenge for the crown, but they dropped points during the hectic festive schedule and eventually secured fourth place.
Seventeen points separated themselves from champions Chelsea, but Klopp is heading into his second full campaign in a positive mood.
In a press conference during Liverpool's pre-season tour of Hong Kong, Klopp joked: "I think the rules are all teams are allowed to win the Premier League, right? So yes, then it seems to be possible. It's possible, so that's it.
"Look, the good thing is nobody knows who will win. It's possible for all of us. We should try to do it, it's a nice idea but saying it today it and carrying it in our backpacks doesn't help this nice idea to come through.
"That's why I thought, 'Let's look and see''. I am really positive but in the moment we have to work, not to dream. If someone wants to dream no problem - I don't want to stop this - but it's a long way to go. If you asked Leicester, I am not sure if Claudio Ranieri would have said yes, but they were and so that's nice."
Liverpool will kick off their campaign with a trip to face Watford on August 12.