The 2026-27 Champions League is almost upon us and the continent’s elite are preparing to battle for the ultimate prize.
PSG made it back-to-back wins last season, lifting the trophy for the second time in a row. The French giants will be desperate to make it three wins on the bounce, but they face fierce competition from across the continent.
There is plenty of English interest in the competition this season. Arsenal, Man City, Man Utd, Aston Villa and Liverpool have all qualified for the tournament. They will be hoping to bring the trophy back to England.
So, what are the outright odds? Who will lift the trophy this season?
2026-27 Champions League winner odds
| Team | Odds (bet365) |
|---|---|
| PSG | 5/1 |
| Bayern Munich | 6/1 |
| Arsenal | 6/1 |
| Manchester City | 7/1 |
| Barcelona | 7/1 |
| Real Madrid | 9/1 |
| Liverpool | 10/1 |
| Manchester United | 16/1 |
| Inter MIlan | 28/1 |
| Atletico Madrid | 33/1 |
2026-27 Champions League key fixtures
| Phase | Round | Draw date | First leg | Second leg |
|---|---|---|---|---|
| Qualifying | First qualifying round | 16 June 2026 | 7–8 July 2026 | 14–15 July 2026 |
| Second qualifying round | 17 June 2026 | 21–22 July 2026 | 28–29 July 2026 | |
| Third qualifying round | 20 July 2026 | 4–5 August 2026 | 11 August 2026 | |
| Play-offs | Play-off round | 3 August 2026 | 18–19 August 2026 | 25–26 August 2026 |
| League phase | Matchday 1 | 27 August 2026 | 8–10 September 2026 | |
| Matchday 2 | 13–14 October 2026 | |||
| Matchday 3 | 20–21 October 2026 | |||
| Matchday 4 | 3–4 November 2026 | |||
| Matchday 5 | 24–25 November 2026 | |||
| Matchday 6 | 8–9 December 2026 | |||
| Matchday 7 | 19–20 January 2027 | |||
| Matchday 8 | 27 January 2027 | |||
| Knockout phase | Knockout phase play-offs | 29 January 2027 | 16–17 February 2027 | 23–24 February 2027 |
| Round of 16 | 26 February 2027 | 9–10 March 2027 | 16–17 March 2027 | |
| Quarter-finals | 6–7 April 2027 | 13–14 April 2027 | ||
| Semi-finals | 27–28 April 2027 | 4–5 May 2027 | ||
| Final | 5 June 2027 | |||
The Favourites
Real Madrid
Real Madrid are always among the favourites to win the Champions League. Los Blancos have a rich history in the competition and possess a squad packed with world-class talent. They will be confident of adding another European Cup to their collection.
Manchester City
Man City have the quality to beat any team in the world on their day. Pep Guardiola will be desperate to guide his side to Champions League glory once again. The Citizens have the depth and experience to go all the way.
Arsenal
Arsenal have emerged as genuine contenders in recent seasons. Mikel Arteta has built a squad capable of challenging the very best. The Gunners will be hoping to make a deep run in the competition and prove they belong at the top table.
Bayern Munich
Bayern Munich are a European powerhouse and will be determined to challenge for the trophy. The German giants have a squad full of international stars and a manager who knows how to win. They will be a formidable opponent for anyone.
PSG
PSG are the defending champions and will be full of confidence heading into the new campaign. The French side have the attacking firepower to hurt any team. They will be hoping to retain their crown and establish themselves as the dominant force in European football.
Liverpool
Liverpool have a proud history in the Champions League and will be eager to add to their tally of European Cups. Arne Slot has a talented squad at his disposal, but they must find consistency if they are to challenge for the trophy.
Barcelona
Barcelona are always a threat in the Champions League. The Catalan club have a mix of experienced veterans and exciting young talent. They will be hoping to return to the summit of European football.
Manchester United
Man Utd have a rich pedigree in the Champions League but have struggled to make an impact in recent seasons. The Red Devils will be hoping to change that this time around. They have the players to compete, but they must perform on the biggest stage.
Aston Villa
Aston Villa are the dark horses of the competition. Unai Emery has a proven track record in Europe and will be hoping to guide his side to a memorable campaign. The Villans will be relishing the opportunity to test themselves against the best teams on the continent.