In fact, Real Madrid still has a bigger chance of winning this season than Bayern Munich. However, as we all know, predictions are not easy, both Man City, PSG, Real Madrid, Bayern Munich, are big teams that are always expected to be champions.
Not quite, according to the average odds of bookmakers we have the following probabilities:
Manchester City - 29.4%
PSG - 14.7%
Bayern München - 12.2%
FC Liverpool - 10.6%
Real Madrid - 9.1%
FC Barcelona 7.7%
Source: https://www.bettingodds.com/football/champions-league/winner
According to the bookmakers, Manchester City's CL victory seems to be the most likely with just under 30%. After that it is very very close and all other top teams have similar probabilities.