Who will win Champions League 2021-22? Favourites, outsiders & full odds

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The Champions League has returned for the 2021-22 edition, and Europe's elite will battle it out to be crowned continental champions.

Chelsea are defending champions, having beaten Pep Guardiola's Manchester City in 2020-21, but will they be in the running this year?

From the likes of Paris Saint-Germain to Barcelona and Real Madrid, Goal  has everything you need to know about the Champions League favourites, underdogs and outsiders.

Who are the favourites to win the Champions League?

Paris Saint-Germain are 10/3 via bet365 to lift their first ever Champions League title this year. The continental European trophy has been a coveted honour for the Ligue 1 giants for quite some time now, appearing in the 2019-20 final but ultimately losing to Bayern. Blockbuster summer signing Lionel Messi certainly has experience winning the Champions League, and a sensational strikeforce of himself, Neymar and Kylian Mbappe will be one that is sure to be reckoned with.

Manchester City 's odds to win the Champions League are at 7/2 following their first-ever appearance in the final under Pep Guardiola last season. The Citizens will be ready and raring to go following their final loss to Premier League rivals Chelsea, while also contending with their defense of the Premier League title. Man City now have the added striking prowess of Jack Grealish at their disposal, and their quest to finally clinch a Champions League title could be in sight.

Both Bayern Munich and Chelsea, champions of the last two competitions, have odds of 7/1 to be crowned UCL winners once more. Chelsea will be keen to defend their Champions League title and win a third trophy, while Bayern will want to add to their trophy cabinet. Chelsea have been strengthened with the summer signing of Romelu Lukaku from Inter, while Robert Lewandowski is always a goal-scoring menace on the Champions League stage.

Who else is in the running to win the Champions League?

Six-time Champions League winners Liverpool are 9/1 to lift the trophy this year, after they were knocked out of the competition last season at the hands of Real Madrid. The Reds were crowned 2019 winners of the tournament but their subsequent Champions League outings have been somewhat disappointing, though perhaps this year will be different.

Manchester United also have odds of 9/1, following the starring acquisitions of both Cristiano Ronaldo and Jadon Sancho over the summer. Ronaldo will be eager to lift the Champions League again, last doing so while playing for Real Madrid, unable to guide former team Juventus to European glory. Ole Gunnar Solskjaer's side are a dangerous threat this season, both domestically and in Europe.

Real Madrid's odds of winning the Champions League under manager Carlo Ancelotti are at 14/1, and they will be tasked with navigating the European tournament without the leadership of longtime former captain Sergio Ramos, who transferred to PSG. Los Blancos are record-holders as the team that has won the Champions League the most times, but haven't won the competition since 2018.

Who are the outsiders to win the Champions League?

Liga champions Atletico Madrid  have odds of 20/1 following Antoine Griezmann's surprise return to his former club in the Spanish capital. He and Luis Suarez could form a lethal team as the Liga team try to go for the top European prize.

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Barcelona are slated at odds of 20/1 as well, and they will be appearing in the Champions League without the presence of beloved former star Messi. The Catalan side have Memphis Depay to call on now, but it's hard to think of the Blaugrana as the European powerhouse they once were without the starpower of Messi.

Juventus have odds of 28/1, and they are in a similar situation as Barcelona with a Ronaldo-shaped hole in their attack. The Italian side had signed the Portugal captain in 2018 with a view for him to guide them to the Champions League trophy, but ultimately failed to do so.

Borussia Dortmund are also outsiders to clinch the Champions League title with odds of 33/1, having finished in the group stage last season. The Bundesliga side haven't posed a serious threat as competition contenders since their appearance in the final in 2012 that they lost to Bayern, but perhaps Erling Haaland can inspire some confidence.