Phil Thompson believes that "something big" is happening at Liverpool following their splurge during the summer transfer window.
The Reds brought in Charlie Adam, Craig Bellamy, Sebastian Coates, Stewart Downing, Jose Enrique, Jordan Henderson and Alexander Doni during the summer, and have started the season brightly.
The Merseysiders are currently in third place in the Premier League after three games, and have already defeated Arsenal away from home.
"I like the way the transfer business has been done, going back to January as well," Thompson told the club's official website.
"A lot of business has been conducted without too much press interference or people knowing too much about it. It's been done in a very Liverpool-like way and I'm extremely pleased for Kenny Dalglish and Damien Comolli for what they've achieved. You have to take your hats off to Fenway Sports Group as well who have dug deep.
"I am very excited. You've got Stewart Downing on the left and also Jose Enrique, someone who had a difficult first season at Newcastle but who settled, got to know the game and became a very good defender who is good going forward.
"With Charlie Adam and Jordan Henderson in the midfield there's a 'Britishness' about the team and I think that's because we lost a lot of the lesser games last year. We could always match the top teams but we had to rectify it against the lesser sides."
Thompson believes the return of Bellamy will prove to be an excellent move, and compared his signing to Rafael Benitez's surprise swoop for Robbie Fowler in 2006.
"I see Bellamy as being the same as when Robbie Fowler came back," he said. "He came back for nothing, the salary is easily manageable because of what's gone out. It's a no-brainer. It's great to have - and he'll hate me for saying this - that maverick, someone who can come on and change a game.
"He'll be saying 'I want to be playing' and that's what you want from someone. He will add so much to this squad that we will all be drooling."
Thompson added: "If you look at the squad now I think something big is happening, but we have been there and had our false dawns before.
"We are a little more guarded now and rightly so, but as we've seen, since the change in ownership we all feel much more content and we're happy with what we're seeing from within the football club. Now we need it to be right on the pitch.
"The big games didn't worry me last year, it was the lesser ones and if we can get them right I think we're in for a great season."
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