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Real Madrid and Barcelona have the second and fifth-best odds to win next season's UEFA Champions League. Los Blancos are the defending champions, winning the competition for a record-extending 15th title last season.
Carlo Ancelotti's side have bolstered their ranks with the arrival of strikers Kylian Mbappe and Endrick, while Nacho has left and Toni Kroos has retired. Meanwhile, Barca start life under new boss Hansi Flick after previous manager Xavi left at the end of the season.
As per Barca Universal, the Blaugrana have the fifth-best odds (7%) to win next season's Champions League. The new format will feature 36 teams (instead of 32), with each team playing eight league games. The top-eight sides will qualify for the Round of 16, with the remaining slots to be determined by play-offs between the teams ranked ninth and 24th.
Holders Los Blancos have received the second-best odds (20%), below Manchester City (25%). Arsenal (8%) and Liverpool (7%) are the next two teams with the best odds, just ahead of Barca.
Carlo Ancelotti's side will look to go back-to-back for the third time, with no other team doing so in the Champions League. Meanwhile, Barcelona will look to end their nine-year trophy drought.
How did Real Madrid and Barcelona fare in the UEFA Champions League last season?
Real Madrid enjoyed a spectacular campaign in the UEFA Champions League, winning the competition by going unbeaten after a 'perfect' group stage. They dumped out holders Manchester City on penalties in the quarter-finals.
Ancelotti's side then scored twice late on at home to beat Bayern Munich in the semi-final before besting Borussia Dortmund 2-0 in the final to improve their perfect record in Champions League finals to nine.
Meanwhile, Barcelona crashed out in the quarter-finals after squandering a 4-2 aggregate lead at home to PSG. A Ronald Araujo red card saw the visitors capitalise on their home advantage, scoring four times without reply to turn the tie on its head after a 3-2 first-leg home defeat.
