I personally can't put City as favorites to win back 2 back UCL as this is something that rarely happens in this competition. City has a great team but also fights for EPL title which might be an important factor in UCL and Real Madrid is the best team that knows how to speculate games like this and won't be surprised to see Real qualifying further but on the same time I can't see them winning the trophy either.
I will stick with my theory that whoever eliminated Porto in the last years , ended up winning UCL so this year , Arsenal should be one.

That's some wild speculation there and I think I will go completely against it because arsenal don't have the tenacity to actually win the champions league yet although they have a great team and also playing pattern the winning power isn't just there and besides they were paired against their arch nemesis that always get the worse out of them which is Bayern Munich so they should first think of a way to eliminate Bayern Munich first before setting hopes for dreaming about securing the trophy.