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.
With 15 Champions League titles, Real Madrid is clearly the king of European and even world football. However, those 15 titles will remain legendary if Real Madrid doesn't continue to improve and strengthen its squad. In the months following the end of the season, Real Madrid made crucial changes, including a change of coach, but I don't think that was enough to restore Los Blancos' squad to its best form.
During Alonso's tenure, I saw Real Madrid's young players improve, such as Arda Guerrero, who is increasingly performing well on the pitch, and Gonzalo Ramos, who has become Real Madrid's new goal-scoring machine. Gonzalo Ramos, a player who was initially loaned to Getafe, has now become a crucial player for Real Madrid's attack.
Furthermore, there aren't really many problems with Real Madrid's attack. It's just that I've noticed that some of Real Madrid's star players, like Mbappé and Vini, have quite inflated egos, and this has significantly impacted teamwork. So, in other words, to strengthen Real Madrid's front line, Alonso needs to re-solidify it. However, Real Madrid's front and back line still needs a few more defenders. If Alonso can re-solidify his squad and strengthen his back line, I'm confident they'll return to the top.