Iraola has led the club on an 11-game unbeaten run in the Premier League but admits that despite their form it may not be enough to beat Liverpool this weekend.
"It's definitely the biggest challenge of the season. I think they have been the best team, not only in England but also in Europe this season.
"They are top of the league. They have been top of the league in Europe, even though they didn't play their first team in their last game. That shows their level.
"It's going to be very difficult for us, but it's also a good challenge. I think we are in a good moment as we are playing well also. I don't know if we will have enough, but we will try."
He then confirmed that he will have the same squad available as last time out against Nottingham Forest where he led his side to a 5-0 victory.
"From the ones that are injured, the only player that has started doing stuff with us recently is Luis Sinisterra. We will assess him again today, but it is not certain that he will be involved this weekend."
Next, he moved on to transfer news and revealed that the Cherries are still on the hunt for a striker as the January window comes to a close.
"We are trying, but we continue in the same place. We are really thin. We want to sign a player that will improve and help us.
"We are also very happy with our current situation, with Evanilson and Enes Unal. We want to keep them, so we are more trying to sign a striker on loan.
"We trust the players we already have long-term, but it's true that we need help in the meantime. If the situation appears, we are all for it. If it doesn't appear, we'll continue fighting and being competitive."
He continued on the striker theme and was quizzed on if he would find it difficult to play a new signing based on how good your team have been playing?
“No, we are really thin so I think we need players. We need players because we need to recover the ones we have or someone from the outside but right now it's difficult for us because we are very short and we continue to be. I hope that every game we are closer to having more players but still we are very short of numbers.”
Iraola then admitted that it would be hard to bring in a new striker between now and Monday night.
“I don't know. I would like to know but I don't know because it's true that we want to sign the player that will improve us and will help us.
“I think also it's not an easy market, the winter market. Also, we are very happy with in this case with Evanilson, with Enes Unal, so we want to keep them and probably we are trying more to sign a player on loan because mid, long term we trust a lot the ones we have but it's true that we need help in the meantime and if the situation appears obviously we are all for it but if doesn't appear but we will continue fighting and trying to be competitive.”
The Bournemouth boss also opened up on what he has learned from the reverse fixture against Liverpool in which they lost 3-0.
“I don't think it was a very bad game from our side. I think they were better.
“They beat us 3-0. I think their offensive power is very big and we lost a little bit our heads for some minutes and it's three goals because they scored three goals in 10 minutes. After this, I think we finished quite well the game.
“But it shows that you cannot lose any concentration, any focus for even 5 minutes, even 10 minutes. Because otherwise against Liverpool it's not going to be good enough.”
Finally, he praised Liverpool star Mohamed Salah who is currently the Premier League’s top scorer this season.
“I don't know if he's the best in the world, but it has to be close.
“He shows with his numbers, also the consistency, because he's doing it not just this season, it's just every season there. He plays all the games, and it's, for me, very remarkable, the consistency at the highest level, that is, at the end, the most difficult thing to achieve. And he's doing it for years and years and doesn't look like he's going to stop.”