The Reds, who finished trophyless last year after winning the Champions League and Premier League in consecutive campaigns, are hunting silverware in four competitions this term.
Alexander-Arnold believes Liverpool proved they can cope with competing on multiple fronts in 2019, when they were crowned European champions and came agonisingly close to winning the Premier League.
Jurgen Klopp’s men head to Italy for the first leg of the Inter tie on Wednesday.
They are also in the League Cup final against Chelsea and the FA Cup fifth round against Norwich, while trailing Premier League leaders Manchester City by nine points.
Catching City remains possible, but if the champions pull away, Alexander-Arnold expects Liverpool to push hard for the remaining prizes.
“To be in all four fronts is good for us,” Alexander-Arnold said.
“Our focus is on making sure we are still in all four competitions for as long as we can go.
“Looking at it now, there is only the league that is not really in our hands — all the other cup competitions we are in we believe we can win them or beat everyone on our day if we get it right.”
Alexander-Arnold admitted the players felt they could have won more in recent years with the talent in the squad, but the England right-back pointed out Liverpool had won the Champions League, which City have not managed.
“We don’t feel disappointed that we haven’t won enough trophies because we feel the ones we have won are the biggest and the best that you can get your hands on,” he said.
“Obviously not making any digs but you look at Man City’s amazing team and they haven’t been able to lift the Champions League.
“They have won a couple of Prems but they haven’t been able to win the Champions League and we have won both in the last few years.”
Klopp takes his squad to Inter on the back of six successive victories in all competitions, buoyed by becoming the first English side to win all of their Champions League group matches.
But the Reds boss said his team faces a tough challenge to progress further in Europe.
“Inter is a top-class team, top-class players, top-class manager,” Klopp said. “With all respect to other teams they are probably the best team this year again in Italy.
“That is the Champions League — a top-class team and we need to show a top-class performance even to have a chance.”
Liverpool captain Jordan Henderson has been passed fit to travel.
The England midfielder was injured in Sunday’s Premier League win at Burnley, but he was involved during team training on Tuesday.