Bayern Munich are the 11/4 favourites with Sky Bet to retain their Champions League title after the round of 16 draw put them up against Lazio.
Hansi Flick's men cruised through the group stage, amassing 16 points during an unbeaten six-game run that saw them draw away at Atletico Madrid despite significant changes.
Bayern were joint-favourites with Manchester City before a ball was kicked for European glory and the draw has seen them take top spot, although City remain a short 7/2 after they were handed two games against Borussia Monchengladbach.
Full Champions League round of 16 draw
- Borussia Monchengladbach v Manchester City
- Lazio v Bayern Munich
- Atletico Madrid v Chelsea
- RB Leipzig v Liverpool
- Porto v Juventus
- Barcelona v PSG
- Sevilla v Borussia Dortmund
- Atalanta v Real Madrid
Despite significant investment, City are yet to make it past the semi-final stage of this competition but an unbeaten run through Group C, matching Bayern's 16 points, will give them hope of success this time around.
Liverpool finished top of Group D, despite losing to Atalanta at Anfield, and they are still a short 6/1 despite facing a tricky test against RB Leipzig.
Leipzig beat Manchester United on matchday six to progress as runners-up in Group H, a result which also dumped Ole Gunnar Solskjaer's side out of the competition altogether, and the Bundesliga club are 40/1 to better last season's semi-final appearance and lift the trophy.
Chelsea avoided defeat in Group E but, despite sitting fifth in the Premier League after 12 games, Frank Lampard's side are a huge 16/1 after they were put up against Atletico Madrid.
Elsewhere, while Real Madrid hold the record for being the most successful side after winning the final 13 times, they find themselves as big 14/1 outsiders despite drawing a more favourable tie against Atalanta.
Champions League winner (odds via Sky Bet)
- Bayern Munich - 11/4
- Manchester City - 7/2
- Liverpool - 6/1
- Juventus - 12/1
- PSG - 12/1
- Real Madrid - 14/1
- Chelsea - 16/1
- Atletico Madrid - 18/1
- Barcelona - 18/1
Odds correct at 1200 GMT (14/12/20)
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