Even though the new season hasn't started yet, I believe Manchester City, Arsenal, Liverpool and Manchester United have a big chance to be the favorites for the title. The main favorites are Manchester City, followed by Arsenal, but I doubt the other two teams I mentioned as well.
If Manchester City are really capable of winning the Premier League title next season, then it will be their 4th title in a row, too good to be true. But I also believe that some Premier League teams will try to stop Manchester City's dominance, even if it's difficult.
For now it is difficult for me to see Arsenal as a title contender yet. Because they are a quite young team and unpredictable as a result. Their run in the previous season was really pretty impressive. However they haven't been a consistent team at all about being this much competitive for the league title for years.
Therefore we never know what can happen in this season. It is the truth that Arsenal have brought really good names this summer so far. But the team is just getting much younger and we can feel the lack of a leader in-season most probably. But no matter what I will be expecting them to be competitive for top 4 at least.