Caulker, who left Tottenham for Cardiff in the summer, believes the current squad is stronger than the one he played in after spending the money they recouped from the sale of Gareth Bale on several new players including Roberto Soldado, Erik Lamela, Paulinho and Christian Eriksen.
Caulker, who was part of the Tottenham side that finished fifth last season, was impressed by Spurs' new signings after their 1-0 win at Cardiff at the weekend and feels they can challenge for honours even without Bale.
"Yeah, with the players they have brought in and the squad they have got, they should be achieving things," Caulker told the Daily Mirror
"They have spent a lot of money and when teams spend that amount of money you expect big things from them.
"It's slightly different there now. Without Bale they did not have that threat - but they have other players who came in and looked strong. I thought their movement up front was great.
"With the money they have spent they have got great players with a lot of movement. They have got Soldado and Eriksen running off and you have got to be focused.
"When you bring on a £27m-plus player in the last minute, like Lamela, it is going to be difficult. With the money they have spent they will all cause teams problems."