Roberto Martinez's men warmed up for this one with a fine 4-0 victory against Scotland, but Erik Hamren's reign as Iceland manager got off to the worst possible start as his new charges suffered a humiliating 6-0 defeat at the hands of Switzerland.
It is no real surprise, then, that Belgium are chalked up as 7/20 (1.35) favourites with 888Sport to kick off their Nations League campaign with a win in the Icelandic capital.
After suffering that drubbing on Saturday, Hamren's side will be desperate to make amends and are a 15/2 (8.50) shot to take all three points, while the same firm go 19/5 (4.80) that these two nations settle for a share of the spoils.
Hamren could ring the changes after seeing his side ripped apart on Saturday evening, but it seems certain that Everton midfielder Gylfi Sigurdsson will have a key role to play if the hosts are to pull off a big shock.
Michy Batshuayi staked his claim for a starting spot with two goals against Scotland on Friday, but Manchester United striker Romelu Lukaku - who opened the scoring in that match - is most likely to lead the line.
Visitors to get amongst the goals?
Belgium have been beaten in just one of their last 27 matches, scoring an impressive 27 goals in their last 10 matches.
Belgium have been in free-scoring form and Icelandic confidence must surely have been crushed by that heavy defeat against Switzerland on Saturday.
888Sport go 49/50 (1.98) that the visitors win by at least two clear goals, a selection that would have landed in seven of the last 10 matches that Belgium have won.