Since Jurgen Klopp took over the Reds in 2015, they have won every major trophy available to them, including their first Premier League title in 30 years. However, Pep Guardiola has guided Manchester City to four league championships in the past five years, with Liverpool finishing second on two of those occasions.
Speaking about his dominant Arsenal team of the early 2000s, Wenger compared his side to the two elite outfits in English football today. The Frenchman told Sky Sports (as quoted by The Liverpool Echo):
"I would say the team between 2002 and 2004 was certainly the most dominant in the league. We had very good teams, always. It's like at the moment, you have City and Liverpool in the last five years being the dominant teams and are exceptional teams.
"Liverpool won the championship only once but that doesn't mean when they finished second they are a bad team. They are still a great team. When you lose a championship over 38 games by one point, you cannot say it is a failure.
"It is still a fantastic season for Liverpool. People always speak only when you win, but there are seasons when you don't win where you have still played fantastic football."
Wenger won the Premier League title on three occasions with the Gunners, including in 2004 when he guided his team to an unbeaten top-flight campaign. The legendary coach managed the likes of Thierry Henry, Dennis Bergkamp and Patrick Vieira during his illustrious career.
Arsene Wenger admits he still loves Arsenal
The Frenchman was the longest reigning boss in the history of the north London club with an incredible 22-year spell in charge that came to an end in 2018.
Wenger guided the Gunners to a top-four finish every season he was in charge, except for his final two. The club have not played in the Champions League since. Although the final stretch of his time at the Emirates Stadium may not have been the greatest period, he still holds the club in the highest regard.
He stated (per Sport Bible):
"It’s not the end of a love. I still love Arsenal, I still love the Premier League. It's the first league I watch, even today, so that has not changed. But you're not part of it anymore, as closely as you were before, and that's very difficult."
Arsenal and City are the only two teams to have won both their Premier League fixtures so far. Liverpool, meanwhile, have drawn both their games.