City won the title with a record-breaking 100-point haul last season and although Liverpool have been tipped to challenge this term, Reds boss Jurgen Klopp says his team are "Rocky Balboa"-type underdogs".
When asked if he was happy for City to be favourites, he said: "Since nine years I live with that situation, it's no problem".
Figures released by Deloitte's sport business group showed top-flight clubs spent an estimated £1.23billion before Thursday's pre-season deadline - down £200million from last summer's window. "If we play good and are consistent like last season, we have a chance to repeat".
"If we are happy with our squad and can not improve our squad, sometimes it's better to keep our squad together". In football you need time to work and players on the pitch to work and we didn't have that until now.
"When I listen, when I read, not much but sometimes I do, is hard to believe that we finished second, because you are capable of making people that finish second look like they were relegated, and people who win nothing, finish below us, and you make them look like serial winners".
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"The gap is just too big to bridge for any of the teams below, but I do think it will be closer and I think Liverpool will be the team providing the main competition", Le Tissier told Sky Sports.
"We couldn't spend more than we could this season, maybe next season we are more active but we have spent a lot on young players for the next season and that's the reason why".
And although the club were reportedly keen to add cover for Fernandinho in defensive midfield before the window closed, Guardiola suggested City's transfer kitty is empty.
"Unlike previous seasons, after 9 August, clubs can not make late player acquisitions either reacting to their early season performances, or immediately utilising proceeds arising from any late player sales to overseas clubs".