Champions League winner odds for 2026/27 will be dominated by holders PSG and the continent’s superpowers.
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
Bookmakers are still shaping their 2026/27 winner markets while qualifying concludes. However, holders PSG, Real Madrid, Man City and champions Arsenal are certain to head the betting. We will publish the leading prices here once the market settles.
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| 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
The 36-team league phase begins in September 2026, with matchdays running into the new year. The knockout rounds start in February, before the final crowns the champions of Europe at the end of the campaign.
| 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 | |||
Champions League winner odds: 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. New boss Enzo Maresca will be desperate to deliver Champions League glory. 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. There is a talented squad at Anfield, 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. Fresh from winning the Europa League, they will relish testing themselves against the very best. The Villans will be relishing the opportunity to test themselves against the best teams on the continent.
Champions League winner odds FAQ
PSG beat Arsenal in the 2025/26 final to retain the trophy and complete back-to-back triumphs.
Arsenal, Man City, Man Utd, Aston Villa and Liverpool all qualified, giving England five representatives.
Qualifying began in July, with the 36-team league phase starting in September 2026.
Read more: Champions League predictions and tips | Premier League top four odds | Europa League winner odds