Jurgen Klopp’s side thrashed Porto 5-0 on the road on Wednesday to put one foot in the quarter-final of the biggest club competition in Europe.
And Fowler believes that the current crop of players is better than the 2005 side and the Reds legend expects them to cause a “few upsets” in the competition.
“I think Liverpool on their day can beat any team,” he told Sky Sports.
“I think they have proven that, certainly this year and in the years gone by.
“I know comparisons will be made to 2005 but I really don’t think they should be.
“I think, with all due respect, this team is better. I know that sounds stupid because we are sitting here talking about European champions.
“Jurgen I think is building something special, we have been saying that for a while.
“But he is a fantastic manager who I think is bringing the best out of the players.”