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%
Yes, I think Manchester City are still the team with the most potential to reach the final and win the Champions League title, and this season they really have to prove that to the world.
But I hope that Real Madrid will also not disappoint this Champions League season even though the probability is lower than Manchester City, PSG, Liverpool and Bayern Munich. The probability is not important because Real Madrid can actually prove it in other ways like last season. I hope things will still be as easy as last season.