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The competition draw was made in Istanbul on Thursday evening and there are a number of tasty ties coming up.
FiveThirtyEight have crunched the numbers and they believe Pep Guardiola will finally lead City to European glory.
Behind them in second are Bayern Munich while current holders Chelsea come in third.
But what about Paris Saint-Germain, who secured the signature of Lionel Messi this summer?
Well, that doesn't count for much. They've been given a measly four per cent chance of winning in Petersburg next May.
Check out the entire list below:
32. Sheriff Tiraspol - <1% chance of winning
31. Malmo - <1%
30. Dynamo Kyiv - <1%
29. Besiktas - <1%
28. Club Brugge - <1%
27. BSC Young Boys - <1%
26. Shakhtar Donetsk - <1%
25. Lille - <1%
24. Zenit St. Petersburg - <1%
23. Sporting CP - <1%
22. AC Milan - <1%
21. Villarreal - <1%
20. FC Porto - <1%
19. Benfica - <1%
18. Wolfsburg - <1%
17. FC Salzburg - 1%
16. Atalanta - 1%
15. Sevilla - 2%
14. Juventus - 2%
13. Inter Milan - 4%
12. Atletico Madrid - 4%
11. Borussia Dortmund - 4%
10. Paris Saint-Germain - 4%
9. RB Leipzig - 4%
8. Ajax - 5%
7. Manchester United - 5%
6. Real Madrid - 6%
5. Barcelona - 8%
4. Liverpool - 9%
3. Chelsea - 10%
2. Bayern Munich - 11%
1. Manchester City - 16%
Barcelona being five places highter than PSG despite losing Messi to PSG is quite frankly, absurd.
PSG will be in Group with Manchester City, RB Leipzig and Club Brugge, but surely they should be higher than tenth-favourites?
They could be doing it without Kylian Mbappe however who is reportedly close to joining Real Madrid.
'Los Blancos' have been keen on the 22-year-old for some time and are ready to pounce.
Despite his contract being up next summer, Madrid would rather sign Mbappe now than wait until January to negotiate a contract.
Mbappe's arrival would likely push Madrid further up the list as well as the Spanish giants sit sixth-favourites.
Who do you think will win the Champions League?
Let us know in the comments.