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.
Arsenal does have a chance of becoming champions and Manchester City is also the same, but you should know that these two Premier League representatives have quite strong opponents in the quarter-finals where Arsenal will face Bayern Munich and Manchester City will face Real Madrid. If the two representatives from the Premier League manage to beat their opponents in the quarter-finals, that's when we believe that they are very ready to win the UCL trophy. But don't underestimate Bayern Munich because they have also been very consistent in the Champions League this season where they have a great coach and their players are also very high quality. But for me of course I am still quite confident that Manchester City will be successful in gaining success this season because as long as Pep Guardiola is there I think they have a greater mentality in achieving their targets.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.
Apart from that, PSG cannot be underestimated, they managed to advance with their best performance by eliminating their opponents. Psg will face Barcelona and in this match we will see Luis Enrique face his former team where he coached Barcelona in the 2014 to 2017 season. For this reason, this match may be quite interesting because whoever makes it to the semifinals will of course have ambition to become champion. Psg is indeed targeting the champions league trophy and I hope they can succeed in doing it.
It is a mammoth task for both English Premier League clubs to make it to the next round. Some time ago Bayern Munich was devastated because they couldn't handle all the problems within their team correctly and Leverkusen made use of that opportunity and ran away from them in the Bundesliga. But they have now realized that there is some backdoor to save this season and to restore their international reputation. If they can make it into the Champions League final, I think it would be the best way for them to make the people forget about their bad performance in the Bundesliga and in the DFB Pokal. I think that Bayern has the stronger team here and Manchester City is roughly equal to Real Madrid, maybe some advantage over them, but definitely not a lot.