Real Madrid coach Carlo Ancelotti says holders Manchester City are this season's Champions League favourites.
Real open their campaign tomorrow against Union Berlin.
Ancelotti said: "Man City is the favourite.
"It has a squad that has allowed them to win. The Champions League, as always, in the final part there are surprises. But today it may be the favourite team.
"We have never thought that we are favourites. From having won the Champions League last year, it can be said that they are the favourites for this year.
"The objective is to compete in the final. We have to be in the top four. We can say this without having too much pressure.
"We are prepared like the previous year. Those who have arrived are contributing a lot. What they are doing Joselu and (Jude) Bellingham it is important."
