Champions League winners odds: Who are the favourites?

Betting on knockout football is always bit of a risk; anyone can beat anyone else in a one-off game, after all, and a two-legged encounter doesn't entirely protect against that either.

But even if you're not the betting type, it's still interesting to see who the bookies fancy to go all the way.

Here's who they think is most likely to lift the trophy in Budapest come the end of the 2025-26 season. We've used SkyBet odds here, for the record; naturally they're subject to change.

9=. Tottenham Hotspur, Napoli and Inter (22/1)

Spurs only qualified by virtue of winning the Europa League last season, having finished just one place above the Premier League relegation zone.

But after going toe-to-toe with PSG in the European Super Cup and making a decent Premier League start under new boss Thomas Frank, they are rated among the top ten contenders to improve upon last season's European triumph.

Last season's runners-up Inter are not fancied to go almost-the-distance again, despite having reached two of the past three finals. Given they lost them both, it might be just as well.

We can't help but wonder whether Serie A Napoli might be better rated if it weren't for Antonio Conte's decidedly iffy record in cups and European competition, too...

7=. Bayern Munich and Chelsea (11/1)

Two perennial contenders who have both claimed the trophy in the 2020s, but who have just one semi-final appearance between them since 2021.

Bayern have turned into the club equivalent of England under Sven-Goran Eriksson: they've gone out in the quarter-finals in five of the past six seasons.

Chelsea are meanwhile making their return to the competition after two years away, and will be hoping Enzo Maresca can inspire them to success in tournament football once again.

The Italian has already delivered the Club World Cup and Conference League trophies - will that translate into Champions League success?

6. Manchester City (17/2)

Hmmm. Tricky one, aren't they?

Pep Guardiola's side uncharacteristically struggled last season and had to fight back in the second half of the campaign to secure a Champions League place in the first place.

They also scraped through the league phase on goal difference after losing to PSG, Sporting CP and Juventus, only to go out before the round of 16 at Real Madrid's hands.

A poor start to the new Premier League season has raised doubts about City's form again, and their odds reflect that: they're used to being favourites for everything.

5. Real Madrid (15/2)

The winningest club in European Cup and Champions League history are no longer managed by the winningest manager in European Cup and Champions League history.

But you'd be daft to ever count Real Madrid out of the Champions League running, Carlo Ancelotti or no Carlo Ancelotti.

Xabi Alonso had a hugely impressive spell at Bayer Leverkusen before returning to the Bernabeu in the summer, but he will know full well just how high the expectations are at Real Madrid.

That means they can't afford any more defeats like their 4-0 pummelling at PSG's hands in the semi-finals of the Club World Cup.

4. Arsenal (13/2)

We're slightly surprised to see Arsenal rated so highly, even accounting for English clubs usually getting a bit of a boost from UK bookies.

We didn't go nearly as high on them in our Champions League power rankings, largely because we have not seen Mikel Arteta's side really hit their stride for quite some time.

But then...they did reach the semi-finals last season, beating PSV and Real Madrid in impressive fashion along the way. Perhaps their attention was just too squarely on the Champions League last season for them to have looked much cop in the Premier League?

Either way, they have bolstered their forward line significantly over the summer, which should serve them well.

3. PSG (6/1)

And here's one we're surprised to see rated so low by the bookies.

We know that retaining the Champions League is very rare: Real Madrid's three in a row in the 2010s makes them the only side to have done it since Milan completed back-to-back European Cups in 1990.

But PSG were so sensational last season, and put in a good showing in the Club World Cup in the summer to boot.

Might their odds have been dented by having lost the final to Chelsea in New Jersey and then needing a late comeback and a penalty shootout to beat Spurs to the Super Cup?

1=. Liverpool and Barcelona (11/2)

That's what spending over £400m in a single transfer window will do, we suppose. Liverpool, we mean.

Arne Slot's side were brilliant in the first half of last season, but started to look a bit leggy at times in the New Year. That didn't stop them from coasting to the Premier League title, of course, but we all saw that Carabao Cup final performance and how they were utterly dominated by PSG. They will be hoping the depth they have added will allow them to compete better on multiple fronts this time.

Barcelona have been limited in what they have been able to do in the transfer window thanks to their salary limit - they had just three new arrivals, including Marcus Rashford on loan - but what they already have could be enough.

The likes of Pedri and Lamine Yamal are getting better year on year; could Barca end their 11-year wait for get their hands on the trophy again?