Manchester City will not underestimate Real Madrid under any circumstances, so the word "underestimate" should not be mentioned too much. Both teams were serious about preparing for the match, even if both had to lose several main players due to injury. Real Madrid is the king of the Champions League, while Manchester City is only the defending champion with 1 title. The comparison is very baseless, of course, but both teams both have missions and ambitions that must be completed well in the quarter-finals.
I don't think Real Madrid will give up on Manchester City this season, especially as long as Bellingham is in the main line-up. Every player will fight to win both at home and away, this is the best revenge that Ancelotti is currently preparing ahead of the quarter-final match.
The appropriate time for Carlo Ancelotti to take his revenge on Pep Guardiola, remember what Pep Guardiola did to Carlo Ancelotti the last time they faced eachother. There's always need for this elite teams to be reaching out for significant points this season. Manchester City will continue to be my favorite because Pep Guardiola have put in the work and have arranged for the good run this season. The contenders for the UEFA Champions League title is here and we would gladly see both of them clashing this season and this time, in the UCL quarter-finals.