The Reds are four wins away from lifting their first league title since 1990 following last Sunday's 3-2 victory over Manchester City.
Liverpool will face fellow contenders Chelsea at Anfield in the next few weeks, but Fowler believes that Jose Mourinho's side are capable of frustrating the Reds, much like they did against Manchester City when they clinched a 1-0 away win in February.
"Every day I'm thinking more and more that they can do it," Fowler told talkSPORT. "I still wouldn't write Chelsea off because they are a good team and they just know how to get results, but it is in Liverpool's hands.
"You look at the performance when they went to Man City not that long ago and deserved to win, so you can imagine them going to Anfield and playing like that.
"Hopefully, they won't get the same result, but there will be twists and turns up at the top. But it is looking good at the minute."
Liverpool are currently at the top of the league table, two points ahead of Chelsea and seven above City.