City added to their title credentials by sweeping aside Tottenham Hotspur in devastating style, with five different players getting on the scoresheet.
"I think it's too soon to be the favourites – there's a lot of matches to play," the Chilean manager told BT Sport. "If we continue to play the way we are, we will have chances to win but it's early.
"We played some fantastic football in the first half – we scored just one goal but we had three or four more clear chances to score. I don't think the penalty was the turning point.
"I don't think we deserved just one goal from the first half – of course playing with one player less is more difficult for Spurs but I don't the game changed in that moment. We were the team that had all of the chances, all of the possession and scored five goals."
The Citizens are back in league action on Monday night when they face Chelsea at the Etihad Stadium.