On paper, Manchester City can be seen as the biggest favourite for the Champions League title. In the end, they have a more completed squad at the moment. Haaland's arrival will help them become closer to the title compared to the previous season. But we need to see their performance against the other big favourites as well.
For example, their elimination by Real Madrid last season was really dramatic. It was like they were so close to making it but Real Madrid performed a miracle in the last minutes of the rematch. Guardiola needs to focus on getting his players well-prepared for this kind of matches this time.
It's a bit too much up and down for Manchester City right now. I would still think that they are the favorite, but winning such a close game against Fulham in the league also shows that they can get into trouble as well even against some weaker teams. I think there will be some very close matches this year in the champions league. The statistics for Bayern are strong as well in a strong group. Manchester City gave away four points in a group that I think was less strong than Bayern's. I wonder whether there will be some unexpected outcomes as well. Liverpool still is a candidate even though they aren't stable, yet they were able to beat City in the league.