Both managers seem to agree on the point that the Reds have made it a four horse race for the Premier League title, and also hold the advantage of not having to play in the Champions League.
Brendan Rodgers' side currently sit four points off leaders Chelsea after an impressive string of results, and have only the league to focus on after being dumped out of the FA Cup by the Gunners.
And Wenger admitted the advantage of a smaller playing schedule may well help them continue to push for the top spot.
"Liverpool is in the race and they have an advantage because it's the only competition they play," Wenger said.
"Overall, it will be very tight, I hope until the end because that means it will be close until the end and if you are consistent, you will have a good chance to win it."
It follows similar comments made by Mourinho last week, who back Rodgers' team to excel this term but find it much harder next season.
"Next season he will see what it is like to play in two, three, four competitions," Mourinho said.
"This season he has this privilege which gives him a big advantage."
