The Merseyside outfit, who finished seventh in the 2012-13 campaign, are currently third in the table, two points adrift of leaders Arsenal.
"Of course we are [contenders] because we have so many great players," Toure told the Liverpool Echo. "The way we are playing shows that. This is a fantastic club. We want to win trophies and we want to win the title definitely."
The Reds will take on the table-toppers at the Emirates on Saturday evening.