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Looking at all the teams in the quarter finals I think Real Madrid are the team with the biggest chance to win the Champions League this season. They will face Arsenal but it doesn't seem like a problem for them. If they make it to the semi finals then they will most likely face PSG assuming PSG can beat Dortmund. I think it is almost 100% that Real Madrid will at least play in the UCL final this season. I am not underestimating teams like PSG Dortmund or Arsenal but out of those four teams it seems like none of them have a chance to challenge Real Madrid. And in the final they will most likely face Barcelona, ??Bayern or Inter. If they face Barcelona I think it will be a tough game but Real Madrid rarely make mistakes in finals. And out of all the best teams in the quarter finals I don't think any of them have the winning mentality like Real Madrid.
Every team that has made it this far also stand a chance of winning the champions league too, there are several other fine teams that have competed very well this current season, the likes of Arsenal, Dortmund, Bayern Munich, PSG, Barcelona etc, anyone of these teams can win, it all depends on how hungry they are to win, and most of these teams i mentioned here can comfortable defeat Real Madrid, considering how difficult it was for Real madrid to get past Athletico Madrid in the champions that alone is a testament that Real Madrid can be tamed if they are drawn with a stronger opponents like Barcelona or PSG, this is football, anything can happen in as much as Madrid seem to be the strongest at the moment.
I think that the favorite team to win the cup this year is Real Madrid, a team of phenomena that always manages to play excellent football, and this says a lot about how strong and when Carlo Ancelotti is, a stellar coach of a team of phenomena, their football amuses me and millions of people, for me they will win it.