The Catalan giants top La Liga but will be wary of the threat posed by a Lyon side that went through the group stage unbeaten and have already got the better of the market principles on the road this term.
Holders Real Madrid are looking to secure a fourth consecutive European crown, having swept all challengers aside under the stewardship of Zinedine Zidane.
However, two changes of manager and the departure of the competition’s top scorer Cristiano Ronaldo since their triumph in Kiev sees Los Blancos as an industry best price of 12/1 (13.0) coming into the knockout stages where they'll face Ajax.
It's worth noting that Madrid weren't considered frontrunners at this stage last season either, but the odds compilers clearly feel the reigning champions will have their work cut out to add a 14th title to their name despite some improvement under Santiago Solari.
Ronaldo's arrival in Turin saw punters flocking to back Juventus to secure a first Champions League title since 1996 and the Old Lady are 13/2 (7.50) to go one better than their runner-up finishes in 2015 and 2017.
A two-legged clash with Atletico Madrid is sure to test Juve's credentials though, with Diego Simeone's side a best price of 22/1 (23.0) with bet365 having been to two finals themselves in the last five seasons.
Liverpool are 8/1 (9.0) to go all the way this year as they look to banish memories of losing 3-1 to Real Madrid in the final nine months ago.
Jurgen Klopp's side are embroiled in a Premier League title race too and their squad depth will surely come under serious scrutiny if they’re to make another deep run in this competition.
While the Reds are favourites to beat a Bayern Munich (14/1) side that could finally be about to see their domestic crown slip, a clash with the Bundesliga champions is a tough test compared with what some of their market rivals have to face in the coming weeks.
Paris Saint-Germain are 15/2 (8.50) in the outright market as they prepare to face a resurgent Manchester United side who have been subject to plenty of interest since Ole Gunnar Solskjaer took over at Old Trafford. Initially a 50/1 (51.0) shot back in mid-December, bet365 have since cut United to 25/1 (26.0) to win the competition, such has been the uplift in their form under the interim boss.
Odds correct at the time of publish. Please gamble responsibly.