Champions League Odds: City still favourites but Chelsea backed in after draw

The draw for the quarter-finals of the Champions League set off frenetic activity on the Exchange as Man City retained their status as favourites while Chelsea's odds in the outright winner market shortened to an all-time low.

City are are 3.5551/20 to win the trophy they covet but, if they win their last eight tie against Borussia Dortmund, they will have to get past either holders Bayern Munich or last season's runners-up Paris Saint-Germain in the semi-finals.

There were favourable draws for the other English clubs with Chelsea landing Porto and Liverpool getting Real Madrid who have won the competition a record 13 times but are in one of their transitional phases. That said, Liverpool have lost more Champions League matches against Madrid than again anyone else - most recently in the 2018 final.

Chelsea have played eight matches against Porto, winning five and losing only once.

If Chelsea and Liverpool win their ties then the English clubs would meet in the semi-finals as they famously did twice in the 2000s.

Bettors back Blues but don't rule out Reds

Chelsea are into 6.25/1 - third favourites - as a combination of a favourable draw and their momentum under Thomas Tuchel inspired confidence. Prior to their last-16 tie against Atletico Madrid, which the Blues won 3-0 on aggregate, they were 18/1 on the Sportsbook.

Bettors still think Liverpool have a chance of winning the competition and they shortened to 7.413/2 after the draw. The Reds Premier League title defence has been risible, and they will struggle to finish in the top four, but in Europe they continue to play with the kind of nous that has taken them to two finals under Jurgen Klopp.

It doesn't always pay to look beyond the immediate task in the Champions League. City, who were knocked out by Lyon in last season's quarter-finals, have a good record against German opponents, winning 10 of 11 matches. But they will face a test form Dortmund, not least because the German side's strike Erling Haaland has 10 goals in the competition so far this season and is favourite to finish as top scorer.