The Reds are now 10 points behind league leaders Chelsea with 15 games to go following their 1-1 draw with Antonio Conte’s side last night.
Liverpool could have been further behind had Diego Costa not missed a second-half penalty at Anfield.
Jamie Carragher believes Jurgen Klopp's Liverpool are out of the title race
The title is maybe a distant dream if you like
Liverpool legend Jamie Carragher
And Carragher believes Liverpool should now turn their attention to the race for the top four.
"It hasn't been a good January, and it leaves it with very little chance really,” Carragher told Sky Sports.
“I think possibly they had to beat Chelsea to give them, and the rest of the league, an outside chance.
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Tue, January 31, 2017
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Georginio Wijnaldum scored Liverpool's equaliser against Chelsea
"But I think for Liverpool on Tuesday night it wasn't just the fact they didn't lose the game, there's a feel-good factor this morning because of a better performance, they came back after struggling, and I think most people will see it as a good performance and a good lift, more for the top four than for the title.
"The title is maybe a distant dream if you like.
“You hope Arsenal can beat Chelsea at the weekend, and maybe we could talk about it a little bit more then, but I think at this moment the rest of the sides are more worried about the top four and being left out of the top four than the title."