Former Chelsea and Liverpool forward Joe Cole doesn't consider Real Madrid to be among the favourites to win the 2022/23 Champions League title.
The Englishman told BT Sport: "I still think Paris Saint-Germain, Manchester City, Liverpool, and Bayern Munich above them.
"I still think there are four teams more capable of winning next year's Champions League. Yes, they won it last season.
"You have to give them massive credit, they're world-class players with a world-class manager. But think about all the stars that had to align for them to do that.
"The game against Chelsea, the game against Man City, even the final... Thibaut Courtois had to have the game of his career. Can they do that again?"
For what it's worth, Real Madrid have already claimed their first trophy of the 2022/23 campaign with Carlo Ancelotti's men beating Eintracht Frankfurt 2–0 in the UEFA Super Cup clash earlier this week.
