After watching many matches involving various clubs, I can make an informed guess about the champion for the 2023/2024 championship, Manchester City boasts talented players and an awesome coach. Their consistent performance each year reinforces my belief that they will victorious but Liverpool, Chelsea, and Arsenal need to give more effort to compete at the same level.
Indeed, Man City is the favorite to win this season, but it looks like this year they will have difficulty achieving it because other teams like the ones you mentioned above have started to rise and have made many changes.
Man City have so far lost to Wolves, Arsenal and most recently they drew with Chelsea. Of course there will be lots of surprises this season, I don't think Man City can easily win the EPL trophy because Liverpool and Arsenal will be the toughest challengers this season.