For the first time in 26 years champions United will be without the services of Sir Alex Ferguson. The retiring Scot has since been replaced by David Moyes, who is yet to add to his senior squad at Old Trafford.
Meanwhile, new City manager Manuel Pellegrini has recruited four new players for a reported cost of £90m.
However, despite the contrast, Kompany has insisted that United should be considered the most likely side to lift the trophy in May.
"I think you have to keep it in the order of last season's ranking. United won last season so they will be the favourites, then it will be us, Chelsea, Arsenal, Tottenham and Liverpool," the Manchester Evening News quotes the Belgian as saying.
"That's how it goes but every season it changes so we'll see how it goes. For the neutrals, it will be such an interesting season."
City open up their campaign against Newcastle United on Monday, August 19, while United face Swansea City two days earlier.