Liverpool boss Rafa Benitez has spent more than £50million on new players this summer.
McManaman told The Sun: “I think we’re talking about the top four or five now Tottenham have spent a lot of money.
“But I still think it will be very difficult to dislodge Man United and Chelsea – as much as everybody else has gone out and spent, they’ve spent too.
“The spending hasn’t stopped really, they’ve just been buying more players and, the fact there was 21 points between Manchester United and Liverpool last year, it’s a big gap.
“After spending money Liverpool fans will definitely expect.
“The Holy Grail for Liverpool fans is the Premiership – for the other big teams it seems to be the Champions League.”