Honestly I always see Real Madrid as the top favourite of this competition. 15 titles in total and many of them were achieved in last 10 years.

They are always a serious threat to all other clubs here.
Now they've entered a new path with Xabi Alonso. He is experimenting with the players for now. Trying to solve the issue of selfishness in the attacking area. Once he figures it out I believe in them to fight for another CL trophy with all they've got.
Xabi Alonso is going to try his best to ensure the the Real Madrid is always at its best, most especially this new season coming, because the team is well set and got all it takes to make a difference, though on the other hand, we cant expect that they always win the title each year and things continue to go on like that, we have Chelsea, PSG, Liverpool Barcelona, Manchester United, Inter Milan, Arsenal and so many other clubs we are getting prepared towards the same race and this is more of a survival of the fittest.