According to his head, however, Chelsea will walk away with the grand prize come the end of the season.
It's a tale of two sides - one managed by a former apprentice of the other's coach - and the former player turned BBC pundit thinks the title race will go down to the wire.
"If I’m honest, my heart says Liverpool will be champions," Savage wrote in the Daily Mirror, "but my head says Jose Mourinho is too clever to let it slip.
"A few weeks ago, I said that Liverpool “could” win the title although they leaked too many goals to make it likely.
"Chelsea are favourites now, and I think they will go on to clinch the deal. But for being the highest scorers in the division, and the thrilling football Liverpool have produced, I would love to see [Brendan] Rodgers take it down to the wire."
The 39-year-old also discussed the Reds' upcoming clash with Manchester United at Old Trafford, suggesting that Rodgers' side are favourites going into the game.
"Everyone remembers Rafa Benitez’s team winning 4-1 at Old Trafford five years ago, when Fernando Torres was at the peak of his powers and Andrea Dossena decorated the occasion with that audacious chip, but Liverpool were not expected to win so handsomely.
"This time, Brendan Rodgers looks like a manager in complete control, while David Moyes is carrying the troubles of the world on his shoulders. For Liverpool to be favourites at Old Trafford represents a massive power shift in such a short space of time."
Indeed, a look at Liverpool's remaining Premier League fixtures this season suggests they could well be in with a chance of winning the title - simply because they face several of their direct rivals. If they were to beat Manchester City and Chelsea at Anfield, for instance, there would be very little separating them from top spot.
By the same token, however, the Reds know they will have to be faultless if they are to stand any chance of lifting their first league title since 1990.
That starts this Sunday at Old Trafford, while Liverpool also host Tottenham at the end of March. City and Chelsea visit in April - and Newcastle come to Anfield on the last day, when it could still be all to play for.