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It is always difficult to determine who will win the Champions League title, especially when the season has not started. Manchester City certainly have a chance to repeat their success, but to defend the Champions League title then I think it is the most difficult challenge for any coach. Pep Guardiola is expected to keep his chances good, but all the teams that will be competing in the Champions League will also be pushing for the title.

Manchester City is an exemplary club, their performance is incredible and replicating this action in the following campaign, with an eye on the UEFA Champions League, would be extremely difficult for them. Real Madrid was the only team capable of winning the UEFA Champions League three times in a row, indicating gratitude and accomplishment at Santiago Bernabeu. They made it appear to be simple and while some football fans thought their victory was manipulated, I thought it was hard efforts from the coach and the players. Pep Guardiola wants to win the Champions League again, but it's impossible since other clubs aren't giving up and are giving their all in the league.

Guardiola wants to win the Champions League again. And I would say that Manchester City will remain at the top of the favorites for the Champions League title next season as well. Bayern Munich, Real Madrid, Barcelona, Manchester City, United teams can be considered favorites for next season's Champions League. And among all these teams, Manchester City team can be said to be stable.
Bayern Munich are trying their best to strengthen their squad. And they are bringing in Harry Kane to strengthen the attack. Manchester United team is also spending a lot of money to strengthen the team. But whether they will be able to perform consistently in the next season is yet to be said for sure. But winning the Champions League title is not an easy task for any team.

But I wonder why you still include Barcelona as a candidate team to be able to get the Champions League title next season. Because in reality, in the last two seasons Barcelona has performed very badly in the Champions League and also in the Europa League. So, with Barcelona's very poor performance like that in the last two seasons, I don't think Barcelona can be included or entered to become a candidate team to win the Champions League title next season. Also about Manchester City, basically Manchester City still has a chance. That means, Manchester City is still quite likely to be able to repeat its success even though it won't be easy but still, Manchester City has a chance.

If we can consider Real Madrid as the favorite to win the Champions League title, why should Barcelona not be the favorite in the Champions League?
Barcelona have a strong squad. Barcelona did very poorly in the Champions League and Europa League last season though. However, they secured the La Liga title. Xavi has been able to stabilize this team. The Barcelona team is now strong enough. Even in friendly matches we have seen better performances from Barcelona than before.
Xavi is adding the necessary players to the squad to strengthen his team. They have added talented and experienced player like Gundogan to strengthen the midfield. All in all I think Barcelona will have no problem qualifying to the semi-finals of the Champions League.