Actually, there are 3 favorite teams to win the UCL trophy. We have Bayern Munich besides Man City and Real Madrid. We don't forget that Bayern Munich is also a strong team and they often has a good history in UCL. It is very unfortunate that among these teams, 2 of them must fight in the current round. People expect that those 3 teams will be in the semi-final round at least.
Bayern Munich, this season is completely in shambles. I don't even think they will go past Arsenal if the form turns up on a good day. Real Madrid has to tussle it out with Manchester City, whoever wins in that match is most likely reaching the final and probably winning this year's title.