The UEFA Champions League kicks off today, the beginning of a journey that will end on 5 June 2027 at the Metropolitano Stadium in Madrid.
Paris Saint-Germain are the two-time defending champions but are going to face a big challenge to go three straight. The last team to achieve that feat were Real Madrid who won in 2016, 2017 and 2018.
The likely challengers include Arsenal, Barcelona, Bayern Munich and Real Madrid, while Inter Milan have lost two of the previous four finals.
Let's take a look at the betting market, break down the favourites and try and find a winner.
UEFA Champions League 2026-27 Winner Odds
| Team | Odds |
|---|---|
| PSG | 6.50 |
| Barcelona | 6.50 |
| Arsenal | 7.00 |
| Bayern Munich | 7.00 |
| Real Madrid | 7.50 |
| Man City | 10.00 |
| Liverpool | 13.00 |
| Man Utd | 21.00 |
| Inter Milan | 29.00 |
| Atletico Madrid | 34.00 |
| Aston Villa | 41.00 |
| Napoli | 41.00 |
| Borussia Dortmund | 41.00 |
| Roma | 41.00 |
The Favourites
Paris Saint-Germain
PSG became European champions for the first time in 2025 and went back to back last season, a tremendous feat for the French side.
Having abandoned to approach of signing superstars including Neymar, Lionel Messi and Kylian Mbappe, Luis Enrique has built a side that focuses on the collective.
They have had a troubling start to the campaign but have a long time to get it together. Expect another deep run.
Barcelona
Barcelona have won the previous two La Liga titles and are off to a flyer. World Cup winner Pau Cubarsí anchors a defence that is protected by Rodri with no shortage of weapons up front.
Raphinha and Lamine Yamal lead the way for Hansi Flick's side who have scored 17 goals in their opening four matches this season, all victories.
It would be no surprise to see the Catalan club go all the way and win their first Champions League title since 2014-15.
Arsenal
The Gunners broke through to win the Champions League last season, a fitting achievement for a club who have been building for years under Mikel Arteta.
Arsenal have strengthened in the transfer market once again, adding Ezri Konsa, Bruno Guimarães and Christos Tzolis to an already dominant squad.
After losing to PSG in the final last season, Arteta will be confident of going one step further.
Bayern Munich
Bayern have few problems dominating the Bundesliga but have gone six seasons without winning the Champions League. They beat Real Madrid in the quarter-finals last season before a narrow 6-5 aggregate defeat to PSG in the semis.
After keeping the majority of their squad together, the addition of Nathaniel Brown and Ismael Saibari provides added depth.
With an attack that includes Jamal Musiala, Luis Díaz, Michael Olise, Serge Gnabry and Harry Kane, Vincent Kompany's side should be a factor once again.
Real Madrid
Los Blancos disappointed last season, going without a trophy and facing drama on and off the pitch. Florentino Pérez brought José Mourinho back to the club to try and restore order to a fractured dressing room.
Featuring an incredible attack led by Jude Bellingham, Arda Güler, Vinicius Junior, Yan Diomande, Brahim Díaz and Kylian Mbappé, scoring goals should be no issue once Mourinho implements his style.
The 15-time champions can never be counted out of a competition where they have the magic touch.
Inter Milan
Inter are being given little chance by bookmakers despite claiming the domestic double in Italy and proving they can compete in the Champions League.
The Serie A side lost to Manchester City in the 2022-23 final and went down to PSG in the showpiece two years ago, proving they have the ability to go deep in the competition.