So far the Reds have signed Kolo Toure on a free, the Spanish duo of Luis Alberto and Iago Aspas and Simon Mignolet from Sunderland.
Fowler believes progress was made last season and such acquisitions will allow Brendan Rodgers side a greater degree of consistency for the coming season.
Speaking in Indonesia on a promotional visit to the country ahead of this summer’s pre-season tour, he said: “At the start of every season, we always have aims and ambitions to get into the top four and get as high up the table as we can.
“We didn’t do it last season, but you could see the progression was slowly getting there – we were getting better all the time.
“For this season, there have been a few more players added to the squad, so I think the consistency will be a little bit better.
“The likes of Manchester United and Chelsea have got new managers now, so hopefully it will be a bit of a sticking point for them – but in terms of Brendan Rodgers and the squad we’re putting together, I think we can certainly challenge for that top four.”
Meanwhile, Fowler admits Liverpool’s trip to Indonesia will be something to savour for both the club and the incredible fan base in the country.
It will be the first time the Reds first team have ever visited the country when they take on an Indonesian XI in Jakarta on July 20.
“I’ve been here three or four times now and one of the first things that strikes you is how passionate the supporters are,” said Fowler. “I’ve played a few times in six-a-side football and we’ve got many, many thousands of people coming to watch us – and we’re not even the first team!
“So when the first team do come here, I’m going to be excited for them.
“I know Liverpool have millions of supporters over here, but a lot of them can’t get over and see us in the flesh at Anfield – so why not bring Liverpool here?”
He added: “It’s good for me as an ex player of Liverpool and the current squad to come over here and play in front of the Indonesian public. We’ve never done it before as a club.
“It has been a long time coming, but I think it’s vital Liverpool gets to come out, bring their football to Indonesia and show the Indonesia public what they’ve been missing.”