Former Bayern Munich striker Giovane Elber believes that the Bavarian outfit have exceeded expectations since Pep Guardiola took over.
The German champions won an historic treble under Jupp Heynckes last term, but the ex-Barcelona coach took over in the close season.
They romped to the Bundesliga title in record time and have reached the Champions League semi-finals and the showpiece of the DFB-Pokal.
"I had good expectations for Bayern, but they've been very impressive so far," he told Goal.
"In the Bundesliga they are clearly superior to all of their opponents and play wonderful football. I see Bayern as the favourites to win the Champions League along with Real Madrid.
"The other teams are all underdogs in my opinion."
Bayern tackle Real Madrid in the last four of Europe's top competition at 20:45CET on Wednesday at the Santiago Bernabeu.