I agree that Manchester City is probably the biggest favorite to win the Champions League this year. That being said, ManCity was probably the big favorite to win this competition in the last 5 years in a row or so, but so far they did not manage to win it once. In order to really win the Champions League you not only need to be the best team you also always need a bit of luck and the timing on your side.
As a Manchester City supporter, of course I also hope they can win the league this season, but there are still a number of big clubs that must be eliminated, such as PSG and Bayern Munich, I hope that Munich can get rid of PSG so that it can more easily compete with Munich and Real Madrid in the final round. next.
Anyway, City will always be a strong challenger in this competition. after all, their opponents in the round of 16 weren't too strong seeded teams. at least, on paper City will advance to the next round phase. although in fact we can't be sure how it will be when City travels to the Red Bull Arena, home to Leipzig. but after all, City are a very tough team in this competition. so yes, City has a big chance of winning the Champions League trophy this season.
Meanwhile, Bayern Munich is a competitor that cannot be underestimated. Nagelsmann's squad, has players who are productive in terms of scoring goals and this is one of the strengths of Bayern Munich.
On the other hand, don't underestimate Napoli. This team from Seria A has progressed with a positive trend so far. maybe, Napoli can become a stumbling block for other strong teams in this competition.