Jurgen Klopp's charges have endured a mixed start to their 2017-18 campaign, with positive results such as the 4-0 win over Arsenal offset by displays like the 5-0 hammering at the hands of Manchester City.
Liverpool's defence remains the subject of scrutiny, and Henchoz believes that their issues at the back should have been sorted during the summer transfer window.
The 43-year-old BBC Sport: "It was a big problem last season and everybody was hoping they could solve the problem.
"I think they definitely should buy somebody. At least one or two centre-backs, they tried [Virgil] Van Dijk, but they couldn't make it happen.
"I don't know. It seems that it is always the same mistakes, set pieces, they are very weak, very poor. The way it is at the moment, they have absolutely no chance of competing for the title.
"They would be more than happy to finish in the top four, but if they carry on the way they are conceding goals, I can't see them finishing in the top four unfortunately."
Liverpool have collected just two clean sheets in all competitions this season from 12 fixtures, and will take on a high-scoring Manchester United side after the international break.