Barcelona have been named 5/2 favourites to win the tournament and Real Madrid are available at 7/2, while Manchester United's draw sees them as 15/2 shots
Of the English sides, Manchester United and Arsenal have both been cut in price, now available at 15/2 and 20/1 respectively, while Chelsea are unmoved at 14/1.
|Champions League Winner
The toughest group looks to be that of Real Madrid, Manchester City, Ajax and Borussia Dortmund. A group which contains four domestic champions from last season.
Madrid are still expected to progress priced at 7/2 to win the tournament but the draw has seen Manchester City pushed out to 9/1 by Paddy Power, a price that could prove very attractive for punters who believe Roberto Mancini's side can claim thier first Champions League title.
Paris Saint-Germain have also been snipped from 16/1 into 14/1 while beaten finalists Bayern Munich are unmoved at 12/1 following their draw against Valencia, Lille and BATE Borisov.
The three debutant teams remain at huge prices to claim a Champions League victory at the first time of asking.
After being forced to sell key players Santi Cazorla and Solomon Rondon this summer, Malaga are priced at 66/1 after the draw.
Montpellier are 125/1 shots and Danish side FC Nordsjaelland are still given almost no chance by the bookmakers, priced as they are at 1000/1.
They will line up against defending European champions Chelsea, Shakhtar Donetsk and Serie A winners Juventus.
The first leg of each of tie will be played on 18/19th September.
Groups in full
Group A: Porto, Dynamo Kiev, Paris Saint-Germain, Dinamo Zagreb
Group B: Arsenal, Schalke, Olympiacos, Montpellier
Group C: AC Milan, Zenit St. Petersburg, Anderlecht, Malaga
Group D: Real Madrid, Manchester City, Ajax, Borussia Dortmund
Group E: Chelsea, Shakhtar Donetsk, Juventus, FC Nordsjaelland
Group F: Bayern Munich, Valencia, Lille, BATE Borisov
Group G: Barcelona, Benfica, Spartak Moscow, Celtic
Group H: Manchester United, Braga, Galatasary, Cluj
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Jim Knight is Betting Editor at Goal.com and has been tipping football games since he was old enough to place a bet. He is a Leicester City fan, writer and member of the We Are Going Up Podcast
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