Champions League latest odds: After play-off draw who are the latest title favourites?

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The draw for the 2024/25 knockout phase of the UEFA Champions League was made in Nyon, Switzerland today to determine this season’s knockout ties in Europe’s premier cup competition. 

Liverpool, Barcelona, Arsenal, Inter Milan, Atletico Madrid, Bayer Leverkusen, Lille and Aston Villa were the clubs that automatically advanced into the round of 16 after finishing in the top eight places of the league table.

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The play-off awaited Atalanta, Borussia Dortmund, Real Madrid, Bayern Munich, AC Milan, PSV Eindhoven, PSG and Benfica as the seeded teams placed ninth to 16th. 

The unseeded teams ranked 17th to 24th were Monaco, Brest, Feyenoord, Juventus, Celtic, Manchester City, Sporting CP and Club Brugge respectively, who made up the rest of the draw.

So who are the favourites to lift the trophy in Munich come May?

Liverpool top the Premier League pile and finished at the top of the tree in the Champions League too. The Reds are considered favourites with BetMGM (9/2) but will have to get the better of either Brest vs PSG or AS Monaco vs Benfica in the round of 16.

Read FIRST's top picks of the Champions League to see who you should be vouching for. Arsenal are in search of their first Champions League triumph but are one of three teams considered the second favourites (6/1). The Gunners face the winner of Feyenoord vs AC Milan or Juventus vs PSV depending on February’s draw.

Barcelona (also 6/1) finished in the second spot, behind Liverpool, with Barca facing either the winner of Brest against PSG or Monaco vs Benfica in the round of 16 as they look to advance into the quarter-finals or beyond.

El Clasico rivals Real Madrid are the same price, but will have to eliminate Manchester City before facing either crosstown rivals Atletico or Bayer Leverkusen after Los Blancos finished 11th in the league phase table despite being the reigning champions.

Bayern Munich (7/1) must get the better of Scottish champions Celtic in the play-off, with the German giants aiming to lift the trophy in their own backyard. Should they get the better of the Hoops, they’ll face either Atletico Madrid or Bayer Leverkusen.

Manchester City (8/1) face Real Madrid in the playoff, as the last two Champions League champions go head-to-head in both Manchester and Madrid. Other teams to triumph in this tournament are all over the price of 10/1.

PSG, who will face one of the top two, should they beat Brest are 12/1. Inter Milan, who City beat in Istanbul in the 2022/23 final, are priced at 14/1. Atletico Madrid, due to a tricky draw and yet to win this tournament, are out at 16/1.

Bayer Leverkusen, following on from their fairytale campaign last year, are 20/1. Aston Villa and Atalanta are 33/1, with the likes of AC Milan and Lille priced as high as 50/1. Last season’s finalists Borussia Dortmund are as long as 66/1, with new manager Niko Kovac with a big job on his hands at the Westfaldstadion. 

Odds via BetMGM and were correct at the time of publishing.