PSG lead the 2026-27 Champions League winner market at 6.00 as they chase a third successive European title. The holders have already proved they can peak when the competition reaches its decisive stages, while Bayern Munich and Arsenal sit next in the betting at 7.50.
The league phase begins on Tuesday, September 8, with the draw scheduled for Thursday, August 27. More summer transfer business may still change the strength of several leading contenders, but the early prices already offer a clear view of the market.
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Champions League winner odds for 2026-27
| Result | Odds |
|---|---|
| PSG |
|
| Arsenal |
|
| Bayern Munich |
|
| Barcelona |
|
| Manchester City |
|
| Real Madrid |
|
| Liverpool |
|
| Manchester United |
|
*Odds correct at the time of publication and subject to change.
PSG remain the team to beat
PSG followed their 5-0 final win over Inter Milan in 2024-25 by beating Arsenal on penalties after a 1-1 draw last season. That made Luis Enrique's side the first club to retain the Champions League since Real Madrid completed three consecutive victories between 2016 and 2018.
Their route through the knockout rounds was demanding. PSG eased past Chelsea and Liverpool before holding off Bayern Munich in the semi-finals, then found a way past a resolute Arsenal in the final.
That record makes favouritism at 6.00 easy to understand. PSG have shown they can handle different types of knockout ties, while another advantage may come from the workload carried by their squad this summer.
Nuno Mendes, Vitinha, Joao Neves and Marquinhos did not go particularly far at the World Cup. Khvicha Kvaratskhelia had the summer off after Georgia failed to qualify.
Recruitment remains one issue to watch. PSG made relatively few changes last summer and defended their title with much the same group, but back-up striker Goncalo Ramos has since joined Milan.
Even so, PSG have the strongest recent European record in the field. At 6.00, the holders still make plenty of appeal.
Arsenal are short enough after another deep run
Arsenal have moved closer to the Champions League trophy in each of the last three seasons. They reached the quarter-finals in 2023-24, the semi-finals in 2024-25 and then lost last season's final to PSG on penalties.
Mikel Arteta's side were therefore only one shootout away from winning the competition for the first time. Their attritional and defensive approach has also proved effective in knockout football.
There is a clear limitation, though. Arsenal scored only three goals across their four quarter-final and semi-final matches last season, and that lack of attacking output could become costly against stronger opposition.
The Gunners also benefited from a favourable route to the final, facing Bayer Leverkusen, Sporting Lisbon and Atletico Madrid. There is no guarantee of receiving the same draw again.
Summer recruitment could change their prospects, particularly if they add an attacking player such as Julian Alvarez. For now, however, 7.50 looks relatively short when several major European clubs are available at bigger prices.
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Bayern Munich offer a strong early alternative
Bayern Munich are 7.50 after going within one goal on aggregate of eliminating PSG in last season's semi-finals. Their 6-5 defeat came after a powerful European campaign and leaves little between them and the holders on recent evidence.
Vincent Kompany's side had already swept aside Real Madrid in the quarter-finals and beaten Atalanta 10-2 on aggregate in the round of 16. Only Arsenal finished above Bayern during the league phase.
Harry Kane may find it difficult to repeat his goalscoring return from 2025-26, but Bayern still possess major attacking depth. Jamal Musiala, Luis Diaz, Michael Olise and Serge Gnabry remain part of the group, while Ismael Saibari has joined the squad.
Nathaniel Brown has strengthened the defence and Dayot Upamecano produced a good World Cup. Bayern therefore combine recent Champions League form with another squad capable of going deep into the competition.
At the same 7.50 as Arsenal, Bayern look the more convincing early option.
Barcelona's price depends heavily on recruitment
Barcelona are available at 8.00 and already have an outstanding core. Pau Cubarsi, Pedri, Dani Olmo and Lamine Yamal all returned from the summer after winning the World Cup with Spain.
Robert Lewandowski's departure has nevertheless reduced their attacking options. Anthony Gordon has arrived from Newcastle United, but Barcelona may still need more before the squad looks complete.
Julian Alvarez has also been linked with a move to Catalonia. Another major attacking addition would make their 8.00 quote more interesting.
Hansi Flick's defensive high line remains another concern in the biggest matches. Barcelona have enough quality to command respect, but their current price may be easier to assess once their summer business is further advanced.
Manchester City face a major managerial transition
Manchester City are 8.00 in their first Champions League campaign under Enzo Maresca. Pep Guardiola won the competition only once during his decade at the club, so immediate European success under a new manager would be a significant achievement.
Maresca has European pedigree after winning the Conference League with Chelsea in 2024-25. His Champions League campaign last season was less convincing, with defeats against Bayern Munich and Atalanta as well as a draw with Qarabag.
City may offer him a more settled squad. Elliot Anderson has joined, albeit at a sizeable cost, while the club won both the FA Cup and EFL Cup last season.
Their recent Champions League record is harder to ignore. City lost to Bayer Leverkusen and Bodo/Glimt in the league phase before Real Madrid beat them in both legs of the round of 16.
At 8.00, there are stronger options elsewhere in the market.
Real Madrid have the tools for another European challenge
Real Madrid are also 8.00 and arguably make the most appeal of the three teams at that price. Jose Mourinho has returned to the Bernabeu with a squad already packed with elite players.
Mourinho did not win the Champions League during his first spell with Real Madrid, but he lifted the trophy earlier in his career with Porto and Inter Milan. His return brings proven experience of winning this competition.
Jude Bellingham and Kylian Mbappe were among the outstanding performers at the World Cup. Trent Alexander-Arnold was not involved in the tournament, while Arda Guler and Federico Valverde did not have particularly demanding campaigns.
Real have also added Denzel Dumfries, Bernardo Silva, Marc Cucurella and Ibrahima Konate this summer. Those signings give Mourinho further experience across an already strong squad.
The Bernabeu remains one of the toughest European venues for visiting teams. With Mourinho back and more quality added, Real Madrid look an intriguing proposition at 8.00.
Liverpool lead the next group of contenders
Liverpool are 11.00 following the arrival of Andoni Iraola from Bournemouth. Their price puts them clearly behind the leading six, and the squad is going through a sizeable transition.
The club's summer recruitment has focused on younger players such as Jeremy Jacquet and Victor Munoz. At the same time, Mohamed Salah, Andy Robertson and Ibrahima Konate are no longer at Liverpool.
There is still plenty of quality available to Iraola, but this is not yet a finished squad. The 11.00 price reflects a side with obvious potential and equally clear change around it.
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Manchester United have plenty to prove at 17.00
Manchester United return to the Champions League at 17.00. Their absence from the competition means they will again have to balance Premier League demands with a full European schedule.
That adjustment adds uncertainty to a club priced behind the main group of contenders. United's return is significant, but 17.00 does not offer enough room to ignore the demands of competing on both fronts again.
Inter Milan could interest at a bigger price
Inter Milan are available at 29.00 after an uneven European season. They underperformed in the Champions League but still won Serie A and the Coppa Italia during Cristian Chivu's first campaign in charge.
Their longer-term European record also deserves attention. Inter were Champions League runners-up as recently as 2024-25.
That combination of domestic success and relatively recent European pedigree makes 29.00 an eye-catching each-way price among the outsiders.
