"My favorite song is ________ " 제가 좋아하는 노래는 ______이에요.

I think you would say something like "the song I like the most is ____" so "저의 제일 좋아하는 노래는 ______이에요."

I think the best answer is a combination of both of the previous answers: "제가 제일 좋아하는 노래는 _____ 이에요"