I looked at the odds and they look like this:
City - 3.25
Real - 3.95
Arsenal - 9.85
Liverpool - 11.10
Bayern - 12.70
Barcelona - 13.10
PSG - 16.80
It is surprising that Arsenal is higher than Bayern, Barcelona and even PSG. It is also not clear why City is considered the favorite, Real is the record holder in this tournament, although I probably agree with this, City really played better than Real. Probably in this rating I disagree only with the position of Bayern and would raise it higher.
If this is really the actual odds of the bookmakers as regards to the possibility of each of the teams winning the Champions League then I feel there are some errors especially in the position of Manchester City and Arsenal, we all know that the Madrid team looks better than that of Manchester City let's just remove the sentiment of Madrid being the best club in the champions league so I still prefer they accord Real Madrid the respect of giving them the lower odds as against the rest of the teams, then in place of Arsenal should have been Liverpool because even though Arsenal have proven to be better than Liverpool in recent years but I believe Liverpool has more Champions League experience than Arsenal of which they already had some champions league trophies then the rest of the teams are okay with the odds and their line up by the bookmakers.