Del Piero believes Guardiola’s men are favourites to win the Europe top-flight tournament ahead of reigning champions, Liverpool because the Reds will be focus on winning their first League title since 30 years.
The Champions League round of 16 first-leg fixtures will kick-off on February 18 and 19.
“I still believe that Manchester City have a real chance to win the Champions League this season,” Del Piero told ESPN.
“So many years they came close – VAR one year, VAR the next year and it didn’t happen. I think we’ll have a great idea after the next round.
“There are some changes in the market and with coaches, some can make you better but most of the time nothing changes much.
“Liverpool still have a big chance because I love Klopp and the way he manages the team.
“But I think they will be busy with the Premier League.”