I think Arsenal need a good striker. If they can't sign a good striker, they can't stay strong in this race. Liverpool are in this race because of the personal skill of the manager Jurgen Klopp. When Jurgen Klopp leaves this team next season, they may never be in this race again. My assessment tells me that Manchester City are the only favorites.
Currently, Arsenal are actually quite good with Gabriel Jesus, but they don't have another great striker on the bench. This sometimes makes Havertz fill in for Gabriel Jesus when he is absent and I don't think Havertz is good enough considering his original position as an attacking midfielder. Liverpool has returned to being a strong team that cannot compete for the title next season and indeed Manchester City will be the strongest team in the future. However, I still believe that Arsenal will be a team that can compete with Manchester City in the future.