Sunday's draw in Nice saw the national pair receive helpful draws according to the bookmakers, while Portugal are now out to 16/1 to win the tournament
Defending European champions Spain shared favouritism with Germany prior to the draw, with both sides available at 7/2 (4.50) with Paddy Power and, following relatively straightforward draws for both nations, the odds compilers still find them impossible to separate at the top of the market.
Spain, of course, have triumphed in the last three major tournaments and will need to negotiate their way past Ukraine, Slovakia, Belarus, Macedonia and Luxembourg if they are to take their place in France in 2016.
Germany, too, will be confident of reaching the finals having been placed into Group G alongside, Republic of Ireland, Poland, Scotland, Georgia and debutants Gibraltar.
|Euro 2016 Winner (Paddy Power)
Tournament hosts France, of course, do not have to qualify but will warm-up in Group I with friendlies against Portugal, Denmark, Serbia, Armenia and Albania.
Didier Deschamps may well consider those friendlies, particularly the matches against Portugal, as useful preparation for the European Championships and les Bleus can be backed at 6/1 (7.0) following Sunday's draw.
Portugal reached the European Championships final back in 2004 as tournament hosts before eventually succumbing to Greece in the final. The Portuguese are hopeful that Cristiano Ronaldo can inspire them to European glory in France and can be backed at 16/1 (17.0) with Paddy Power to go all the way.
Portugal, though, will not feel that they have benefited from as kind a draw as many others have and, having required a play-off to reach World Cup 2014, Paulo Bento's men may well find the path to Euro 2016 fraught with danger.
World Cup 2014 dark horses Belgium are expected to be a force in this tournament and can be supported at 10/1 (11.0) with Paddy Power after a draw that saw Marc Wilmots' men being handed a seemingly straightforward passage to Euro 2016.
The Belgians will face Bosnia and Herzegovina, Israel, Wales, Cyprus and Andorra in Group B.
Netherlands endured a dismal Euro 2012 campaign, being eliminated at the group stages and so will be desperate to make amends here.
The Dutch, chalked up at 11/1 (12.0), would have hoped for a kinder qualification draw with potentially tricky ties against Turkey and Czech Republic as well as Latvia, Iceland and Kazakhstan to come, although Louis van Gaal's men will still be strongly fancied to progress to the tournament proper.
Roy Hodgson's England were handed a tough draw for World Cup 2014 back in December but could not have asked for a much kinder draw here.
England will face Switzerland, Slovenia, Estonia, Lithuania and San Marino in Group E as they look to progress to the European Championships in 2016. Following Sunday's draw, qualification seems certain for England it is little surprise to see Hodgson's men chalked up at just 12/1 (13.0) in the outright market with Paddy Power.
Former England manager Fabio Capello will hope to guide Russia to Euro 2016 but will face a tricky qualification group against Sweden, Austria, Montenegro, Moldova and Liechenstein. Subsequently, Russia are available at a chunk 22/1 (23.0) with bet365 following Sunday's draw.
Groups in full
Group A: Netherlands, Czech Republic, Turkey, Latvia, Iceland, Kazakhstan
Group B: Bosnia & Herzegovina, Belgium, Israel, Wales, Cyprus, Andorra
Group C: Spain, Ukraine, Slovakia, Belarus, Macedonia, Luxembourg
Group D: Germany, Republic of Ireland, Poland, Scotland, Georgia, Gibraltar
Group E: England, Switzerland, Slovenia, Estonia, Lithuania, San Marino
Group F: Greece, Hungary, Romania, Finland, Northern Ireland, Faroe Islands
Group G: Russia, Sweden, Austria, Montenegro, Moldova, Liechtenstein,
Group H: Italy, Croatia, Norway, Bulgaria, Azerbaijan, Malta,
Group I: Portugal, Denmark, Serbia, Armenia, Albania, (France*)
*Games against them do not count towards final standings
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