Italian champions Juve booked their place in the knockout stages of the competition on Tuesday evening after beating Valencia.
Reigning Premier League champions City have also progressed after coming from behind twice to draw 2-2 with Lyon.
Barcelona, meanwhile, can secure their passage to the knockouts as group leaders when they face PSV on Wednesday night.
PSG goalkeeper Buffon believes Liverpool and Real Madrid could also lift the title but says Juventus, Manchester City and Barcelona are the favourites.
He told the Daily Mirror: This season, I see the favourites for the Champions League as Barcelona, Juventus, and Manchester City.
Liverpool as well have a big chance and you can never forget about Real Madrid.
Of course it is still a dream of mine to win the Champions League – last season I thought would be my last chance but now I have another one.
French champions PSG, who are unbeaten in Ligue 1 this season, face Liverpool on Wednesday evening.
And Buffon says the Reds possess one of the most potent forward lines in Europe with Mohamed Salah, Roberto Firmino and Sadio Mane.
Liverpool have a very strong team – but I do especially look at their front players, the legendary goalkeeper added.
With Salah, Mane, and Firmino they have so much pace, so much creativity, and of course they are all big goal threats.
Throughout my career I have always wanted to test myself against the best – and at the moment you really cant think of any teams in Europe who have a better front three than Liverpool.