Danny Welbeck gave the visitors the lead after 20 minutes of the first leg of their last-16 tie at the Bernabeu, before Cristiano Ronaldo levelled 10 minutes later to set-up an intriguing clash at Old Trafford.
Jose Mourinho's men are now out to 11/2 (from 9/2) to win their 10th European Cup, with Bundesliga side Borussia Dortmund eased into 7/1 after securing a late 2-2 draw at Shakhtar Donetsk.
Sky Bet trader Chris Spicer said: "United are in a strong position after a hard-fought draw at the Bernabeu, but Real only need to score once to negate their slender advantage.
"Ronaldo & Co. will be confident of progressing and have a number of goal threats so we could be in for a treat at Old Trafford on March 5."
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