The Gunners are just four points behind the Reds at the top of the league - albeit having played a game more - and the goalkeeper says they are confident of chasing Arne Slot's team down.
Asked if Arsenal are optimistic about winning the title, Raya said: "Yes, of course. In football, everything can happen.
"Three weeks ago, people were saying that Liverpool had the title in their hands. But it is just football and everything changes in two or three matches.
"We have to focus on ourselves, try and win every game, and see where we are at the end of the season.
"We don’t want to think too far ahead because that will play badly against us. We have to live in the present, that’s the most important thing."
Arsenal's 2-1 win against rivals Tottenham in the north London derby has breathed new life into the club's campaign and Raya dedicated the victory to team-mate Gabriel Jesus - who is set to be ruled out for the rest of the season with an anterior cruciate ligament (ACL) injury.
The Spain international said: "It was really, really important to come with a big, big mentality (after last week). We know how important the derby is, not just for the league, but for the people that follow us.
"We showed very big character throughout the game, especially when we went behind. We were a little bit stunned but after that, we dominated the whole first half.
"We got the rewards with two goals before half-time. I am very happy with the performance, for the lads, and for Gabriel Jesus, too. He has a massive injury. This win is for him."