Champions League: Who are the bookies' favourites to win the competition?

Man City, Liverpool and PSG are all amongst the most fancied teams to win this year's Champions League.

By Callum Rice-Coates Published: 31 January 2023 - 1.56pm
Karim Benzema

The Champions League will be back this month and you can view every minute of the knockout stages live on BT Sport.

With 16 teams remaining in the competition, there are a few frontrunners expected to be in contention for the most coveted trophy in Europe.

We’ve taken a look at the odds for each team ahead of what promises to be another memorable Champions League knockout stages.

Odds via bet365 and correct at time of writing.

Man City - 7/4

Could this be the year for City?

The Champions League has proved elusive for Pep Guardiola’s team despite their domination of the Premier League and success in domestic cup competitions.

Falling at the final hurdle in Europe has been a recurring theme, but the bookies are backing City to go all the way this year.

Bayern Munich - 13/2

Bayern might have had a slightly shaky start in the Bundesliga season but all appears to be well now.

The German giants have a squad stacked with talent and in Julien Nagelsmann they boast one of the shrewdest coaches in the competition.

With Jamal Musiala, Leroy Sane and Serge Gnabry supporting the now prolific Eric Choupo-Moting, and Sadio Mane still to come back from injury, Bayern look like a formidable force.

PSG - 7/1

Like Man City, PSG have their sights set on the Champions League above all else.

With Lionel Messi back to his best and fresh off the back of a World Cup win, could he inspire the Parisians to a long-awaited success in Europe?

Kylian Mbappe continues to score for fun and Neymar is often unplayable, so everything is in place for PSG to lift Ol’ Big Ears in May.

Lionel Messi

Liverpool 9/1

You can never write off Liverpool, particularly under Jurgen Klopp, but this season has been a difficult one so far.

The Reds are midtable in the Premier League and struggling through a transitional period, with key players injured and others not performing to their usual standard.

And in the last 16 of the Champions League Liverpool face Real Madrid, who they lost to in last year’s final.

If they can overcome Los Blancos this time, anything is possible.

Real Madrid 12/1

Last season’s winners weren’t fancied by many but repeatedly pulled off miraculous comebacks to go all the way and lift the title for the 14th time.

No club has more prestige in the Champions League and that inherent self-belief was clear throughout the last campaign.

Carlo Ancelotti’s side navigated their group relatively comfortably this time around, although inconsistent form in La Liga has left many doubting their credentials for more European success this season.

Napoli 14/1

A true dark horse, few teams in Europe have looked as impressive as Napoli this season.

Luciano Spalletti’s side are runaway leaders in Serie A - 13 points clear of Inter in second - and dispatched of Liverpool in the group stages.

They face Eintracht Frankfurt in the last 16 and will rightly fancy their chances of going deep in the competition.


Chelsea 16/1

Chelsea’s Premier League woes mean they are very much outsiders to win a third Champions League.

Graham Potter guided the Blues through the group stages after a tricky start under Thomas Tuchel, but form in recent weeks has been poor.

Owner Todd Boehly splashed the cash in January, so improvement should come soon. Chelsea are still likely to be some way off competing with the very best in the continent this season, though.

Tottenham 16/1

The bookies can’t separate the two remaining London clubs.

Spurs face Milan in the last 16 having reached the knockout stages somewhat unconvincingly.

There are still murmurs of discontent surrounding Antonio Conte and his team after some patchy form in the Premier League, but Spurs can’t be written off entirely.

Benfica 25/1

Benfica impressed in the group stages, finishing top of a group that included PSG and Juventus.

The reward was a winnable last 16 tie with Club Brugge, although losing key midfielder Enzo Fernandez to Chelsea is a blow for Roger Schmidt’s team.

Enzo Fernandez

Inter 33/1

Both Milan clubs are no longer the forces they once were and if an Italian side is to win the competition Napoli look like the best bet.

Inter will hope to prove any doubters wrong, though, having got the better of Barcelona in the group stages.

Milan 50/1

A poor run of form in Serie A has seen the Italian champions drop to fifth in the table and Champions League football for next season is now a doubt.

With a tough last 16 tie against Spurs to come, it could be a difficult period for Milan if their performances don't pick up quickly.

Borussia Dortmund 50/1

Dortmund still have Europe’s most-wanted young player in Jude Bellingham, at least until the end of the season.

But the Bundesliga side are some way off the level set by the top teams in the Champions League and will go into their last 16 clash with Chelsea as clear underdogs.

Jude Bellingham

RB Leipzig 100/1

There are four German teams remaining in the competition, an impressive return and an indication of the strength of the Bundesliga.

Only Bayern are really considered genuine contenders, though, despite some eye-catching form from RB Leipzig of late.

Still, a last 16 meeting with Man City means Marco Rose’s side are unlikely to make it to the quarter-finals.

Porto 100/1

Porto eventually topped their group despite losing their opening two matches, finishing above surprise package Club Brugge.

In truth, Group B was amongst the weakest in the competition and the Portuguese side will need to be at their very best if they are to overcome Inter in the last 16.

Eintracht Frankfurt - 100/1

Making it through the group stages was an achievement in itself for last season’s Europa League winners.

They may be buoyed by their recent success in European competition, but progressing even beyond the first knockout round of the Champions League would defy all expectation.

Club Brugge 150/1

Finally, the team with the longest odds to lift the trophy in Istanbul.

Can Scott Parker’s side produce one of the greatest shocks in football history and become European champions for the first time? Probably not. But they will certainly enjoy playing on such a big stage having performed better than anyone expected in their group.

Scott Parker