If they keep signing players of Tonali quality they absolutely will be up there. They lucked into top 4 last season with several big teams having a terrible years and it's pushed their progress forward about 5 years.
The hardest part for these mega rich clubs is always reaching top 4 for the first time. Before that, they can have all the money in the world to spend but top players won't come without Champions League football. Now they have that (plus effectively infinite money) I don't see them dropping out again.
They needed another midfielder like, they rode their luck last season with their schedule and picking up barely any injuries to their best Xl. They played United in the league and United had their 5th and 6th choice central midfielders on the pitch. It was a steady 4/5 game month pretty much every month for them whilst other teams were playing 7/8 games.