The new-look league phase is beginning to take shape, with only one club, Liverpool, boasting an unblemished record after four matches.
Arne Slot's Reds laid down a serious statement of intent with a 4-0 thrashing of German champions Bayer Leverkusen on matchday four but the Reds are still behind Manchester City, Real Madrid and Barcelona in the outright betting.
Champions League Winner Odds
Odds courtesy of bet365, correct at the time of publishing and subject to change.
Team | Odds |
Man City | 7/2 |
Real Madrid | 9/2 |
Barcelona | 11/2 |
Liverpool | 6/1 |
Arsenal | 9/1 |
All Others | 9/1 or Above |
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Manchester City @ 7/2
Pep Guardiola's Premier League winners remain favourites to become European champions for a second time, but their position at the top of the market is beginning to look precarious.
A 4-1 hiding at Sporting Lisbon on matchday four has left City in 10th position at the midway point and two of their remaining league-phase fixtures are away to European heavyweights Juventus and Paris Saint-Germain.
That makes a top-eight finish, and a straight passage to the last 16, less assured than it may have looked prior to their chastening night in Lisbon, although Guardiola will hope to have a number of his injured stars back in the coming months.
Real Madrid @ 9/2
No club has greater continental pedigree than 15-time European champions Real Madrid but Los Blancos will need to draw on all that prowess if they are to retain the crown they won at Wembley last season.
A 3-1 home defeat at the hands of AC Milan has left Real languishing in 18th position in the 36-team standings and things do not get any easier for the title-holders in their next two assignments, which are away at Liverpool and Europa League champions Atalanta.
Obviously, it is remiss to write off a team of Real's quality, but they are already off the pace in pursuit of a top-eight finish and trailing Barcelona in La Liga, hinting that all may not be well at the Santiago Bernabeu.
Barcelona @ 11/2
Real Madrid's travails will be a particular source of joy for their Clasico rivals Barcelona, who are top of La Liga and going quietly about their business on the continent too.
An opening 2-1 loss at Monaco was not in the script for Hansi Flick's side but Barca responded with a 5-0 win over Young Boys, a statement 4-1 success against Flick's former club Bayern Munich and another five-star show away to Red Star Belgrade (5-2).
That has left them sixth in the standings and just three points adrift of table-toppers Liverpool, with their form this season highlighting them as a danger to all.
Liverpool @ 6/1
It's been plain sailing for Liverpool in this season's Champions League.
The Reds are the only side to have won all of their four matches to date and their rousing 4-0 home win over Bayer Leverkusen on matchday four was a real statement of intent.
That has seen the Reds' contract into 6/1 in the outright market - they were 14/1 ante-post - but their final four fixtures, at home to Real Madrid and Lille and away to Girona and PSV, will be tricky assignments.
The Merseysiders have passed almost all of their tests under new manager Arne Slot to date, however, and they are only 5/6 to finish top of the pile in the league phase and 1/22 to bypass the play-off round and progress straight to the round of 16.
Arsenal @ 9/1
Arsenal are another side with work to do after four rounds of action in the league phase.
The Gunners are 12th, two points adrift of the top eight, following a controversial 1-0 defeat at Inter Milan on matchday four, when they were on the receiving end of a contentious decision to award the Nerazzurri a decisive penalty.
It's been a tough spell for Mikel Arteta's men, who have also fallen off the pace in the pursuit of the Premier League title, and next up in the Champions League for Arsenal is a visit to Sporting Lisbon, who humbled Manchester City 4-1 on matchday four.
Arsenal are still odds-on to finish in the top eight but the fact they are also evens to finish between ninth and 24th illustrates that progression into the last 16 is not a given.