Pep Guardiola's City side have been a formidable presence at the summit of English football since his arrival in 2016, with City winning two Premier League titles, three League Cups and an FA Cup in that time.
Liverpool - spearheaded by Jurgen Klopp - are on course to beat City to the Premier League title this season, however, also winning the Champions League last year - a feat that has alluded Guardiola's City side to date.
And Barnes - a legend of the club following 396 appearances across a 10-year spell - insists this Liverpool team are on par with City's dominant side.
"The current Liverpool squad are equally as good as the Manchester City squad that broke all the records last season because they play a different brand of football," Barnes told BonusCodeBets.
"Both teams are getting the same results, getting the same amount of victories without losing matches so it purely comes down to someone’s opinion on how they like the ball to be played.
"It is similar to the debate of who is better between [Lionel] Messi and [Cristiano] Ronaldo – neither of them is better, it comes down to a matter of opinion.
"So, in terms of what Liverpool have done in the last two years, I believe they are equally as good as Manchester City."