The summer transfer window is closed and now clubs are focusing on their long-term goals for the season. Europe’s powerhouses will have their eyes set on the biggest prize in club football: the UEFA Champions League.
It’s still early in the season and the first group stage match will not be played until mid-September, but bookmakers have already released their odds for the 2025/26 Champions League winner. Here’s a look at the top five teams in the running for the coveted trophy.
Liverpool
The reigning Premier League champions have spent lavishly this summer to build a fool-proof squad. The late signing of Alexander Isak was the icing on the cake of a spending spree that saw Arne Slot’s men splash nearly half a billion euros in a single window.
With such an incredible squad overall, the expectations surrounding Anfield will surely revolve around a seventh Champions League crown.
Last year, Liverpool’s Champions League dreams were cut short by a resurgent PSG in the last 16. Even so, Slot’s debut campaign still delivered glory, with the Reds clinching a record-equalling 20th English crown.
Big things are now expected of the six-time European champions after a lavish attacking rebuild centred on Isak, Florian Wirtz and Hugo Ekitike.
With greater depth and quality across the squad, Liverpool will take some stopping and rank among the smartest soccer betting picks in the Champions League race.
Paris Saint-Germain
PSG enter as reigning champions and a fair bet to defend their crown. They did not have a busy summer, but still made some interesting moves in the market. PSG brought in Illia Zabarnyi to bolster their backline.
The biggest eyebrow raiser, however, was their decision to part ways with Gigi Donnarumma. The Italy No.1 was instrumental in the Parisians’ treble-winning campaign last season, but Luis Enrique has demanded a new tactical profile between the sticks. That’s why Lucas Chevalier will be their first-choice goalkeeper in the new season.
Even though they appeared invincible at one point, the Club World Cup final showed that even their well-drilled machine can be beaten. Yet, with no genuine challengers in Ligue 1, they enjoy a luxury few European rivals can match: the freedom to rotate heavily between big nights.
With arguably the best full-backs and midfield trio on the planet, plus four standout forwards, PSG are once again a side few will fancy their chances against. Only Liverpool have shorter odds than the Ligue 1 powerhouse across most bookies.
Barcelona
Hansi Flick had a squad full of rising stars last season plus a few seasoned warriors. The German tactician also had to cope with Barcelona’s financial restrictions in the transfer market. Still, he managed to deliver an incredible season that had them listed as favourites to win the treble at one point.
At the end of the season, the Champions League remained the only missing piece in Barcelona’s quest for triple glory.
Flick has not made many additions to his squad, with €25m Joan Garcia coming in as the most expensive signing for the Catalonians.
However, he can expect his team to take another step forward after gaining valuable experience last season. Having already shown their strength domestically, they will now aim to go further than their last season’s Champions League semi-final finish.
Arsenal
Arsenal have never won the Champions League, or even made it to the final since 2006. However, Mikel Arteta’s men came close to ending that wait as they beat Real Madrid home and away to set up a semi-final meeting with PSG.
Arsenal couldn’t get past the eventual champions, but they might have been the team walking out at Munich if a few key moments had gone their way in both legs.
Football bookmakers, however, are considering them one of the favourites to win the tournament this season. The North Londoners have had a sensational summer, bringing in the likes of Viktor Gyokeres, Martin Zubimendi, and Eberechi Eze to fill holes in their squad.
Arsenal made eight signings total in the summer, which should provide them significant depth across all departments. The Gunners have come close to major silverware in recent seasons, and if they can address those small shortcomings, they can go far this season, even in Europe.
Real Madrid
After a painfully disappointing season, Real Madrid have decided to press the reset button and let go of Carlo Ancelotti. In came Xabi Alonso, who led Bayer Leverkusen to a surprise Bundesliga title in 2024.
The former Madrid midfielder has reshaped the defence, signing Alvaro Carreras, Dean Huijsen, and Trent Alexander-Arnold. While Los Blancos did not add a marquee attacker to their ranks, the highly-rated attacking midfielder Franco Mastantuono has joined the club from River Plate.
It’s impossible to keep Real Madrid out from the Champions League title conversation under any circumstances. They are expected to go through a transitional season, but they might still be able to mount a formidable title challenge in the Champions League.
