United host Villarreal tomorrow night in the Champions League.
"If we see the squad one by one and take into account what Manchester United represents in history, they are the clear favourites," said Emery.
"I'm not afraid of Manchester United – we respect them and respect is important. If you lose respect the other team may take advantage of that.
"They lost against Young Boys. It was the favourite versus the less favourite, but there was a surprise.
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