Barcelona have been replaced at the head of the Champions League betting by Bayern Munich following their shock 2-0 defeat to AC Milan in the first leg of their last-16 tie on Wednesday night.
Goals from Kevin-Prince Boateng and Sulley Muntari sealed a famous victory for the Rossoneri, who have moved into 20/1 (from 80/1) to win Europe's premier club competition.
Bayern Munich stormed to a 3-1 victory at Arsenal on Tuesday night and the Bundesliga leaders are now favourites at 11/4 from 4/1.
Other contenders include Real Madrid (9/2), Manchester United (6/1), Borussia Dortmund (15/2) and Serie A champions Juventus (10/1).
Sky Bet football trader Paul Lowery said: "Bayern are now favourites after their comprehensive win at Arsenal, who are now really up against it in the second leg.
"With Barca slipping to a surprise defeat, it has also opened up for the winner of Manchester United v Real Madrid clash."