Fowler believes that the competition for places in the squad means that Liverpool have the best group of players available to them for "many years".
"Full credit to the management and everyone involved in the recruitment process, we've gone out and signed players who can fight for positions all over the pitch," he told the club's official website.
"You've got the full-backs, the centre-halves, all fighting for places. Nobody is really guaranteed a place, and that's the way it should be. I think it's as good a squad as we've had for many years at Liverpool."
Liverpool return to Premier League action next Saturday when they entertain Aston Villa.