On current form though I will have to say both clubs will definitely be heavy favourite to win it. Other contenders can be Bayern Munich who I think they have improved since the arrival of Harry Kane although there is still an imbalance in that midfield and defense of theirs that against a better opponent they will suffer against if they don’t find a solution to it
Real Madrid and Manchester City and Bayern Munich could qualify for the next round, although in a way that may not be so easy, because the three teams are actually still equally strong when facing opponents who are not quite on par with them. However, after the round of 16 was completed and the round of eight began, that's where many predictions and speculation were born from many people who would say which team had more potential to win the title this season in the Champions League.
It is all about not underestimating their opponents in this round. Bayern, Manchester City and Real Madrid are the favorites in all those games, but there have been surprises in the past. I would be no exception if one of them gets under pressure, but since it is two games to go, I doubt that any of these teams would falter. I rather expect a few superior games by those teams and then we will see what the next round brings regarding the drawing.