Bookmakers Sky Bet make Bayern Munich their 6/4 favourites following Friday's semi-final draw for the UEFA Champions League.
The current holders, who knocked out Manchester United in their quarter-final, were 11/8 with the Leeds firm prior to the draw which saw them pitted against Spanish giants Real Madrid.
Los Blancos are Sky Bet's 11/4 second favourites for the tournament and 6/5 to qualify against Bayern's 8/13. Madrid are, however, expected to take a first leg lead to the Allianz Arena with Sky Bet rating them at 13/10 for the first leg on Tuesday April 22 with Bayern 7/4 shots and the draw 12/5.
The second semi-final sees Chelsea visit the imposing Vicente Calderon home of Atletico Madrid. Atletico are 7/2 to win the tournament - Chelsea are half a point longer - and 4/5 to qualify with Chelsea 10/11 to reach the final.
Sky Bet's Dale Tempest said: "Chelsea were 5/1 before the draw was made so the fact that they've been trimmed slightly suggests they've got a favourable draw.
"But there was never going to be an easy route to the final and Atletico are the slight favourites, with Chelsea given odds of 10/11 to get through to the last two."
Jose Mourinho's men are now 33/1 with the online bookmaker to for a Premier League and Champions League double, while they're 3/1 to win the opening leg in the Vicente Calderon Stadium and 9/4 to draw.
Sky Bet have also priced up the potential finalists with Atletico Madrid v Bayern Munich finale the 2/1 favourite, marginally shorter than a Bayern Munich v Chelsea final at 21/10.
Betting on the winning nation is also available and it's 11/10 about a Spanish side being crowned Champions of Europe.