The new Champions League format is up and running and there have already been plenty of upsets, with many giants of European football outside the top eight spots that guarantee a place in the Last-16.
For those who finish between 8th and 24th they will play in a further knockout stage to decide who joins the original top eight.
Here, FourFourTwo looks at which teams are favourites for the 2024-25 Champions League.
Arsenal
Is this finally the year that Mikel Arteta delivers the major trophy Arsenal fans have been craving? With Liverpool storming ahead in the Premier League it seems as if Europe is the way to go for Arsenal.
Odegaard’s return has improved their form and creativity drastically, whilst the consistency of Saliba and Gabriel, who ranked at no.2 and no.5 respectively in FourFourTwo's list of the best centre-backs in the world right now, will be vital if the Gunners are to go deep into the competition.
Last season’s loss to Bayern Munich in the quarter-finals was disappointing and did not reflect Arsenal’s form at the time, but can be used as motivation, especially if the Premier League looks unattainable by the time the knockout stages roll around in 2025.
Atalanta
Perhaps the team that is least likely to win Ol’ Big Ears on the list, but Atalanta have been in imperious form this year. They were one of three sides not to lose any of their opening five Champions League games, having won three away matches, and drawn to Arsenal at home, a game in which they had a penalty saved.
Gian Piero Gasperini’s side impressed in Europe last year, knocking Liverpool out of the Europa League before becoming the first side to beat Bayer Leverkusen all season in the final. Their front line of Ademola Lookman, Charles De Ketelaere, and Mateo Retegui have been firing on all cylinders and can prove a threat to Europe’s elite.
Barcelona
Alongside Liverpool, Barcelona are Europe’s in form side under manager Hansi Flick, who ranked at no.18 in FourFourTwo's list of the best managers in the world right now. Their high defensive lines, youthful squad and exceptional attack have propelled them to the top of La Liga as well as four wins from their first five in the Champions League.
Raphina and Lamine Yamal’s creativity paired with Robert Lewandowski showing the world that age is just a number has been a recipe for success so far this season. This was on show when Barca demolished Bayern Munich 4-1 earlier this season to show the rest of Europe they mean business.
Bayern Munich
Bayern have made the quarter-finals of the Champions League for five years in a row, and there is nothing to suggest that they won’t make it six. They’ve retaken their customary spot at the top of the Bundesliga, and losses to Aston Villa and Barcelona are no cause for panic.
Ex-Crystal Palace star Michael Olise has impressed alongside Jamal Musiala and Harry Kane up front, while Joshua Kimmich’s midfield marshalling remains key to the German side.
However, conceding four goals to Barcelona and three to Eintracht Frankfurt suggest defensive worries that need to be fixed if they are to go the whole way and win their seventh Champions League.
Inter Milan
In recent years, Inter Milan have had minimal success in the Champions League, reaching the quarter-finals or further in just two campaigns since they last won the trophy in 2009-10. Simone Inzaghi’s side look set to change that after an impressive start to their European campaign, beating RB Leipzig and Arsenal as well as drawing away to Manchester City.
Lautaro Martinez, who ranked at no.6 in FourFourTwo's list of the best strikers in the world right now, scored 27 goals last season which went slightly under the radar, and he has returned to this form in 2024-25 as Inter remain in the competitive Serie A title race.
Alessandro Bastoni has been one of Europe’s top centre-backs this season whilst Hakan Calhanoglu pulling the strings in midfield has been a joy to watch. Inter are not one of the main favourites but the often cursed label of a dark horse fits them well.
Liverpool
The only side to have a 100% record in the league phase so far, Arne Slot has taken Liverpool to the top of both the Premier League and Champions League in no time at all, and many would consider them favourites to lift the coveted trophy.
A phenomenal record of one goal conceded across matches against AC Milan, Real Madrid, Bayer Leverkusen and RB Leipzig amongst others adds to their credentials.
Liverpool are no strangers to European success, having been to three Champions League finals in the last eight years, winning their sixth title in Madrid in 2019. Anfield in a European knockout tie is a difficult place to go for any side, regardless of Liverpool’s form, but their consistency thus far makes Liverpool one of the hardest sides to face.
Manchester City
Despite Pep Guardiola’s worst run of form in his managerial career, Manchester City still have the potential to turn their campaign around, especially in the latter stages of the Champions League. City finally broke their European curse in 2022/23 and recruitment in January coupled with the return of a few key players from injury and poor form could see City prove to be a real threat.
Erling Haaland is Erling Haaland and will undoubtedly return to his ridiculous goal-scoring ways, whilst Phil Foden was sensational last year and is likely to kick on despite a poor start to the campaign. The quality is still there and it seems to be a matter of time before the old Manchester City are back.
Real Madrid
A list of potential Champions League winners would not be complete without the 15-time champions Real Madrid. Although their star-studded side hasn’t set the Champions League alight as of yet, falling to defeats to Liverpool, AC Milan and Lille, any side with Kylian Mbappe, Vinicius Jr and Jude Bellingham cannot be written off. The trio are three of the five favourites to win the Ballon d'Or in 2025.
Surprisingly, they currently sit outside the top eight, but this could change with two games left to play. In 12 of the last 14 Champions League campaigns Real Madrid has made the semi-finals – an obscene record.
Alongside their squad heaving with talent, in Carlo Ancelotti they have a five-time Champions League winner in the dugout. Real have to be considered one of the strong favourites with ability and history on their side
