Former Chelsea boss Mourinho, who revealed earlier this week he would be keen on a return to Premier League management, feels the Reds are far away from returning to their title-winning days.
Liverpool have endured a poor start to the new campaign and are without a win in their first four games as they host Manchester United at Anfield on Sunday.
Mourinho feels Rodgers, who succeeded Kenny Dalglish in the summer, has a lot of work to do at Anfield but hopes he is given time to make his mark.
"I think Brendan, he can't be champion with that team," said the Portuguese boss in an exclusive interview with Sky Sports.
"He can't make miracles with that team. It's not an easy job. Liverpool expectations are very high.
"The reality is that Liverpool, at this moment, they're not the best team in the Premiership. Not even close. The squad is not at that point.
"Other squads are investing much more than Liverpool are doing.
"So I hope he has time to build because if you don't have the top players in your hands, it takes more time to build. I think he deserves that and I think, with time, he can do the job for them."
Mourinho has also had his say on this season's Premier League title race and believes Manchester City can defend the trophy, but does not expect local rivals United to make it easy for them.
The boss said: "I believe Man City are the champions and have the squad to do it, no doubt.
"It's an incredible squad that can make easy rotations because they have such a strong squad. Now they are the champions so that will also play a role."
He added: "Man United are Man United. I don't think Sir Alex (Ferguson) accepts himself not to win the Premiership for two consecutive years because he's strong and a winner, so he'll fight hard for that.
"Man United are not signing many players but (Robin) Van Persie means a lot in the Premiership to make the difference."
Mourinho is an admirer of the side Arsene Wenger is building at Arsenal, despite his previous rivalry with the Frenchman while at Chelsea, and also heaped praise on Newcastle manager Alan Pardew after a stunning season with the Magpies last year.
He added: "I think Arsenal are coming again. I like this Arsenal team. I know they lost some players but I like the way Arsene is building this team. I think they can be a very positive surprise.
"(Newcastle) is a very difficult place to work because of the pressure of the fans and the responsibilities and the tradition of the club.
"What (Pardew) did is amazing. He almost brought Newcastle back to the Champions League. He was the manager of the season for the Premiership."