I say we start behind Barca and Real, the obvious favorites. Chelsea, City, and Bayern are 3 other strong contenders. We are, as things stand, at the same level as United, and slightly ahead of PSG who have yet to click (once they do, they shall be very dangerous). Dortmund are also potential dark horses.
If we sign Jovetic, or a player of that caliber, it catapults is into the same category as Chelsea, City, and Bayern.