The champions have spent over £300m this summer to further strengthen their title winning squad.
Slot said, “If you won it last season it's quite normal that you are part of the favourites again for next season. For me it would not be normal if it's about spending, because the net spend of us compared to the other teams is not in our favour, if you look at the last two seasons.
"But it's completely normal that we are one of the favourites, because we won it last season. And we brought in good players, like all the other ones did, by the way.”
Slot added: “This is the Premier League, this is what makes this league so nice. I think there's only been one exception (who didn’t spend big) in the last two, three, four, five, six years, and that's been Liverpool last season.
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“Sunderland is spending money as if they... They have a lot of money, of course, because they're promoted. So that is what happens in the Premier League, that's why it is such a nice league.
“So if we are only favourites because we've spent a bit, I would see that as weird, because we've lost a lot as well. But that we are favourites because we won it last season and we played so well, that's clear. And the ambitions haven't changed, because the ambition of this club is always to compete for every trophy.
“So that hasn't changed compared to last season. Not because we lost players and not because we brought players in. The ambitions are always the same at this club.”