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Since Manchester City won the Manchester City in the last season of the Champions League currently people look at this team as the first chance to win the tournament for another time but the Manchester City we see right now is far from the Manchester City we see in the last season and they lose much power.
Manchester City currently is not in the best form and they are racing with other teams in the premier league while the situation in Manchester City is not as good as other teams.
Personally, I don't think if they can win the Champions League for another time in this season.
No wonder Manchester City are still considered the strongest candidate to return to winning the Champions League this season, because their appearance has not decreased much. Although there is a decline, it is not so significant, especially if they bring in new ammunition that can complement their weaknesses this season.
Now teams from La Liga dominate the round of 16, there are 4 teams that are here now. They are also highly considered, especially there is the name Real Madrid which we know they are a team that has an above average mentality when in the Champions League. The representative from Serie A is also looking promising right now, Inter Milan. They are one of the strong candidates here.
In fact, other factors such as finances play an important role in creating consistency in a club performance. Regarding Man City chances this season, I agree with you that Pep Guardiola squad deserves to be called a strong candidate to win the championship trophy, other teams such as Madrid, Bayern Munchen and even Inter Milan also have the same bargaining value in this regard. Ups and downs in performance are not unique to City alone, and I don't think that necessarily changes their status as the favorite team in the UCL.
The competitive level of the domestic league really has a big influence, but the level of competitive intensity in the UCL demands more to be able to go further. The league that sends more representatives to the last 16 is indeed lucky, but surprises in the UCL often happen unexpectedly, who knows, the team that is not the favorite can make it to the final this season, we'll see when we approach February.