After nine wins on the bounce, Liverpool are two points above Chelsea and four ahead of Manchester City, who have two games in hand.
"They are there on merit this season," Fowler told talkSPORT. "They have played very, very well. No-one gave them any hope at the start of the season but I honestly believe that, with the confidence within the group that the manager has given them now, they have got a magnificent chance."
City and Chelsea will both have to travel to Anfield to face Liverpool, who are aiming to lift their first title since 1990.