UEFA Champions League 2011-2012 Odds and Betting Preview

With the first knockout round of the Champions League finally kicking off after a two month break, during which football fans have been craving some European action. Now that Europe's premier competition is back underway, we take a look at the main contenders.

The current favourites to win the tournament are Barcelona, who won the tournament last year and in 2009. They are currently a best priced 6/4 with William Hill, but this doesn't seem to be exceptional value considering that their current league form is not up to the high standard many have come to expect from the Spanish Champions. They are currently ten points adrift of Real Madrid in La Liga, and although their record under manager Pep Guardiola in the Champions League is exemplary, they are a very short price for a team who have not been at their best this season.

Next in the betting are Barcelona's arch-rivals Real Madrid, who are a best priced 3/1 with Bodog. This seems like a decent price considering their relative league position to Barca, but Real's form in the Champions League in the past few seasons has not been good, although they did make the semi-finals last year. They are hot favourites to beat CSKA Moscow in their first knockout clash, and they have a strong chance of making it to the final at the Allianz Arena.

Bayern Munich have a huge chance this year, as they will have a home final if they make it that far. The German giants face a clash against FC Basel, which they will be expected to come through, and they are best priced at 11/2 with Paddy Power. They are currently second in the Bundesliga, and the 2010 runners-up must have a strong chance.

The most fancied English side are Chelsea, who are at 14/1 with bet365. The Blues are in woeful form at the moment, though, and have only won one in their last five games. The pressure is mounting on manager Andre Villas-Boas, and Chelsea face a tricky tie against Napoli  even to make the quarter-finals.

Arsenal are the only other English team in the competition after the two Manchester sides were eliminated at the group stages, and the Gunners are available at 25/1 with betvictor to win Europe's blue riband event. Arsenal also have a tricky tie, against AC Milan, but they are in much better form than Chelsea, and have a much more experienced manager at the helm, and the 25/1 looks much more appetising than the 14s available on Chelsea.

Arsenal's opponents Milan are at 28/1 with Coral to go all the way this season. Milan last won the trophy in 2007 and have won it seven times and are currently topping Serie A. The 28/1 could be decent value about a side as experienced as Milan, even if they could fall at the first hurdle against Arsenal.

UEFA Champions League winner betting odds