The group stage of this season's competition begins on September 19th, and City's Premier League rivals Arsenal and Manchester United are also among the leading contenders, as are the usual suspects from Germany, Spain, Italy and France.
2023/24 Champions League Outright Odds:
Odds courtesy of bet365, correct at the time of publishing and subject to change.
| Team | Odds |
| Man City | 2/1 |
| Bayern Munich | 7/1 |
| Real Madrid | 9/1 |
| Paris St-Germain | 10/1 |
| Barcelona | 12/1 |
| Arsenal | 14/1 |
| Man Utd | 14/1 |
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Manchester City @ 2/1
The only criticism of City during the last few years was that Pep Guardiola's squad had yet to prove they could go all the way in Europe - but that psychological barrier no longer exists.
The English treble winner's march to the 2022-23 final was a sight to behold. They brushed aside German powerhouses RB Leipzig and Bayern Munich with special home performances in the knockout rounds before trouncing holders Real Madrid 4-1 in the semi-finals.
The arrival of Erling Haaland certainly took them up a notch last term and he will be their most dangerous attacking weapon again, even if one or two members of the supporting cast will change.
Experienced midfielder Ilkay Gundogan has left for Barcelona but City have brought in Mateo Kovacic from Chelsea and more summer arrivals are expected soon.
Fatigue could be one potential factor which stops the Citizens from repeating their multi-trophy haul in 2023-24 and it is worth noting that Real Madrid are the only club to have retained the European Cup since AC Milan did so in 1990.
Bayern Munich @ 7/1
The Bundesliga champions fell some way short of their usual standards last season, only maintaining their domestic hegemony when Borussia Dortmund failed to handle the last-day pressure.
Changes from the top down were necessary and Bayern wasted no time in making them as the club parted ways with CEO Oliver Kahn and sporting director Hasan Salihamidzic virtually as the title celebrations took place.
Julian Nagelsmann had already paid the price for a campaign of inertia in March with Thomas Tuchel taking over a fortnight before Bayern's fateful Champions League quarter-final first-leg defeat to City.
Bayern fans will hope Tuchel's vision and previous record of unravelling Guardiola's tactics can help them compete at Europe's top table again, but the squad are crying out for a new number nine in the mould of former favourite Robert Lewandowski, and they remain interested in Tottenham and England frontman Harry Kane.
They are high in the betting with odds of 7/1 to land their seventh European Cup with bettors aware that only two clubs can better the Bavarians' record of 12 semi-final appearances in the Champions League era.
Real Madrid @ 9/1
Los Blancos have ruled Europe a record 14 times with eight of those triumphs coming in the Champions League era.
But last year's semi-final demolition at the hands of City hurt the pride of the Madrid club and led to speculation that they could part company with legendary head coach Carlo Ancelotti.
The Italian remains in charge for now and he should have one of the most formidable midfields assembled at the Bernabeu at his disposal following the statement summer signing of Jude Bellingham.
The Englishman will join multiple Champions League winners Luka Modric and Toni Kroos, indefatigable Uruguayan Federico Valverde and French tyros Aurelien Tchouamani and Eduardo Camavinga in a star-studded midfield in the Spanish capital.
Given all that talent it is hard to make sense of their generous 9/1 quote for the trophy, although they will almost certainly miss Karim Benzema's ability to conjure up a goal when it is needed most following the Frenchman’s move to Saudi Arabian club Al-Ittihad.
PSG @ 10/1
It has been another summer of change at the Parc des Princes with Luis Enrique taking over from Christophe Galtier and Argentinian superstar Lionel Messi off to Inter Miami in the US after two campaigns in Paris.
Many are wondering where Messi's exit, in particular, leaves the Qatar-funded PSG project and speculation over the future of club icon Kylian Mbappe rumbles on too.
The appointment of Enrique, who led Barcelona to the Champions League title in 2015 but has been out of club football for six years, could prove to be another coaching gamble.
Barcelona @ 12/1
The Blaugrana prised the Spanish title away from great rivals Real Madrid last season but question marks remain over a squad which again failed to sparkle in the Champions League.
Xavi's team dropped into the Europa League after a second straight group-stage flop and were immediately sent packing by Manchester United.
They will always harbour serious talent, which tends to come on a conveyor belt out of their famed La Masia academy, but cash flow problems have been holding back Xavi, who remains unproven at European level, from building a squad capable of competing with the continent's best.
So far this summer, Gundogan’s arrival from City is their only major capture and he of course adds plenty of European experience while he also brings with him a winning mentality.
Arsenal @ 14/1
The Gunners brought a welcome end to their six-year Champions League hiatus last season, but celebrations in north London were somewhat muted after Mikel Arteta's men allowed City to pip them to the Premier League crown.
Arsenal have not wallowed in self-pity this summer as an impressive recruitment drive has seen them sign Kai Havertz from Chelsea, while a huge £100m deal to sign Declan Rice from West Ham is all but completed.
Other players are set to follow them to the Emirates, including Ajax full-back Jurrien Timber.
There is enough quality and depth in Arsenal's squad to sustain a challenge on all fronts now, but Arteta has consistently failed to get the better of his former boss Guardiola - losing eight straight meetings with Champions League favourites City.
Manchester United @ 14/1
United's glory days in this competition may be long gone, but Erik ten Hag has them moving in the right direction and they have proven capable of upsetting City when things fall in their favour.
The Dutch coach remains in the process of overhauling an unbalanced and occasionally rudderless squad, and he may need another transfer window or two before he can field a side capable of challenging for the top prize in European football.
However, the capture of Mason Mount from Chelsea is an impressive statement of intent this summer and Inter Milan goalkeeper Andre Onana is also expected to join following David De Gea’s confirmed exit.
Their early summer dealings have resulted in United’s odds of overall European glory shortening slightly to 14/1.
Ten Hag led Ajax to the last four of the Champions League in 2018-19, blowing away Real Madrid and Juventus en route, and it wouldn’t be too much of a surprise to see him plot a path to an eighth semi-final berth at least for the Red Devils in the upcoming campaign.