The Reds needed to rebuild their midfield in the last summer transfer window after a host of departures.
They added Alexis Mac Allister and Dominik Szoboszlai, but were still in need of a more defensively minded midfielder and worked hard to land Caicedo and Lavia.
Both players snubbed Liverpool in favour of a move to Chelsea though and the Reds ultimately landed Wataru Endo and then Ryan Gravenberch.
Thompson insists Liverpool are playing so well now that no one talks about the Chelsea pair and believes there is even more to come from the Reds.
“To be where we are, I think we are only 75, 80 per cent of our potential. There is a lot to come”, Thompson said on LFC TV after the draw with Manchester United.
“That midfield, that we worried about, I don’t hear anybody talking about Caicedo anymore or Lavia. That’s all gone.
“This team have done well, but I tell you what, the other teams are playing out of their skin, Villa, Arsenal, Spurs, who had a good win. Man City have had a little bit of a struggle, but it will be competitive.
“But the position we are in, we have a great chance [in the title race].”
Liverpool are next due to lock horns with West Ham United in the EFL Cup before then they then welcome Arsenal to Anfield; the Gunners will arrive top of the table, but just one point better off than Liverpool.
