Both Barca and Real Madrid had their price to win the trophy cut - to 11/8 and 9/4 respectively - after being handed favourable draws.
Barcelona, who were 13/8, remain the tournament favourites as they're expected to overcome Paris Saint-Germain, with the French side now massive outsiders at 40/1 to win the competition.
Real Madrid, meanwhile, have been slashed from 3/1. They will fancy their chances of knocking out Turkish side Galatasaray, who are the longest odds of any of the remaining teams at 80/1.
Sky Bet offer 5/2 on an 'El Clasico' final.
With three representatives remaining, Spain is thought to be the country most likely to produce a winner of the tournament at 4/11, with Germany 5/2 to beat them to it as Bayern Munich (9/2) and Dortmund (15/2) remain strong contenders. They will meet Juventus and Malaga respectively.
Sky Bet football trader Chris Spicer said: "All the money is going on the market's front two - Barcelona and Real Madrid - but last year's finalists Bayern are great value to reach the last two again at 15/8.
"Their tie with Juventus (16/1) is probably the most appealing spectacle of the round, while Dortmund will be satisfied at being paired up with 40/1 shot Malaga, so keep a close eye on the Germans."
According to Sky Bet's quarter-final 'to qualify' markets, the hardest tie to call is Bayern-Juventus. The Germans are 1/2 to progress (Juve are 6/4), while Dortmund are 2/5 to beat Malaga (7/4).
Real Madrid are the hottest of quarter-final favourites - 1/6 to see off Galatasaray (7/2).
Finally, Barcelona are 1/5 to beat PSG (100/30).