The UEFA Champions League returns for 2026-27 with its 36-team league phase, with matchday 1 kicking off on Tuesday, September 8.
After eight matchdays, the top eight teams will progress directly to the last 16, while those finishing ninth to 24th will enter the knockout play-offs.
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Liverpool will face Inter Milan and Atletico Madrid in the league phase. The Reds reached the quarter-finals last season, losing to eventual winners Paris Saint-Germain, and qualified again with a top-five Premier League finish.
The Reds will travel to San Siro to face Inter, with Curtis Jones set to reunite with his former club. They will also host Atletico at Anfield, having beaten the La Liga side 3-2 there last season.
Andoni Iraola’s side will also host Porto, Villarreal and Lens, while their other away fixtures are against Fenerbahce, Club Brugge and LASK.
According to the Opta supercomputer, Arsenal are favourites to win the 2026-27 Champions League, with 21.2% of simulations ending in glory.
Bayern Munich are the closest challengers, winning 19.9% of simulations, while Manchester City are the only other team given more than a 10% chance, at 12%.
Reigning champions Paris Saint-Germain are fourth favourites at 7.7%, while Barcelona have a 7.0% chance of lifting the trophy.
Real Madrid can never be discounted in the Champions League, having won the competition twice in the last five seasons and a record 15 times overall, including the European Cup era.
However, their 5.1% chance of glory reflects their recent struggles. They have not won a major trophy since lifting the Champions League in 2023/24 and have failed to reach the quarter-finals in either of the two seasons since.
Liverpool, meanwhile, have plenty of European pedigree, reaching three finals in five seasons between 2017/18 and 2021/22.
The Reds are given the same 5.1% chance of winning the competition as Madrid, while Opta gives them an 11.2% chance of reaching the final.
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