Barcelona are now favourites to win a first Champions League for 10 years, with PSG close behind in the betting.
In a change to previous years, the path to the final has already been drawn, so we know which clubs are on which side of the draw - hence the clearer gaps in odds.
Champions League winner (odds via Sky Bet)
Each way terms: 1/3 for first 2 places
- Barcelona - 3/1
- PSG - 10/3
- Real Madrid - 7/2
- Bayern Munich - 5/1
- Arsenal - 7/1
- Inter Milan - 10/1
- Aston Villa - 28/1
- Dortmund - 40/1
Odds correct at 1130 GMT (13/3/25)
Who can stop Barca?
Hansi Flick's Barca cruised past Benfica in the round of 16, with Raphinha and Lamine Yamal again starring - the former now has 11 goals and five assists in this season's competition, topping the charts for both.
They will now meet rank outsiders Borussia Dortmund, who defied the odds to reach the final at Wembley last season, after the German club edged past French side Lille to reach the quarter-finals.
Dortmund are currently struggling in mid-table in the Bundesliga but have shown signs of life since the appointment of Niko Kovac as manager in early February.
The winner of that tie will meet either Bayern Munich, who swatted aside domestic rivals Bayer Leverkusen thanks in no small part to England captain Harry Kane, or Inter Milan, who themselves made light work of Dutch club Feyenoord.
Tougher route for PSG
Aston Villa's reward for emerging from arguably the weakest tie of the last 16 by comfortably seeing off Club Brugge is a meeting with the victors of the strongest.
PSG needed penalties to knock out Liverpool at Anfield after an enthralling two-legged affair, although on balance Luis Enrique's young team deserved to progress.
While on paper it may look like a lopsided quarter-final meeting between Villa and PSG, the experience of Unai Emery in European competitions having won the Europa League four times and reached the Champions League semi-finals with minnows Villarreal, makes it a tricky tie for a club who in previous years have struggled with the weight of expectation.
Les Parisiens have only once reached the final of the European Cup or Champions League, losing 1-0 to Bayern in 2020 while managed by now-England boss Thomas Tuchel.
There is also the added spice of Emery facing one of his former clubs.
A closer look at THAT penalty from Julián Alvarez 😱 pic.twitter.com/HdyUQ0TeOE
— Football on TNT Sports (@footballontnt) March 13, 2025
Awaiting whoever emerges from that contest will be either holders and 15-times winners Real Madrid, who won a dramatic shootout against city rivals Atletico in which Julian Alvarez had a penalty disallowed for a double-kick, or Arsenal.
The Gunners had done the hard work in the first leg of their tie against PSV by winning 7-1 in Eindhoven and will now hope that by the time they meet Madrid they have more options in forward areas.
Gabriel Martinelli has recently returned to fitness and while Gabriel Jesus and Kai Havertz are out for the season, Mikel Arteta may be able to call upon Bukayo Saka for a tie that will define their season.
When are the Champions League quarter-finals?
The first legs of the Champions League quarter-finals will take place on April 8 and 9, with Arsenal vs Real Madrid and Bayern vs Inter on the Tuesday before PSG welcome Villa and Barcelona host Dortmund on the Wednesday.
The second legs will take place the following week, April 15 and 16, with the ties switching days.
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