With the Champions League set to get underway this week, fans will finally get a glimpse of the competition's new league phase, which has replaced the traditional group stage.

Despite some reservations about the increased number of games that Europe's elite will have to play, the new structure has certainly produced mouth-watering ties, such as when reigning-champions Real Madrid will head to Anfield to play Liverpool in November.

Los Blancos have been earmarked by many as the favourites to win the competition for a record-extending 16th time, especially given the arrival of Kylian Mbappe.

However, Erling Haaland has started the 2024-25 Premier League season in frightening form and if he carries his goalscoring streak into European competition, then Manchester City will also be among the favourites to win the Champions League.

Arsenal performed disappointingly in Europe last term, but considering they are heralded as likely title candidates in the Premier League, there is an expectation that they will go deeper in the tournament this time around.

Liverpool under Arne Slot might not be expected to win the Champions League, but given the Reds' strong recent history in the competition, it will be interesting to see how they fare.

Other sides like Bayern Munich have recruited well over the summer, but can Vincent Kompany be trusted to make the most of the talent at his disposal?

With that in mind, Sports Mole takes a closer look at which teams are the favourites and which are ones to watch ahead of the start of the 2024-25 Champions League.

Favourite: Real Madrid

Carlo Ancelotti's side won last year's competition unbeaten in their 13 games, winning eight times and drawing on four occasions.

Their route to the final was far from straightforward, with Los Blancos beating Manchester City on penalties after drawing their quarter-final tie 4-4, as well as beating Bayern Munich 4-3 in the semi-final.

Real Madrid overcame Borussia Dortmund 2-0 in the final on June 1, and having strengthened the team by signing Kylian Mbappe from Paris Saint Germain, it is difficult to see anyone other than the Spanish side winning the Champions League this season.

There are some question marks about how Mbappe fits into the Real XI given he prefers to play on the left of attack, much like Vinicius Junior and Rodrygo, but Ancelotti has proven that he is one of the best in the world at getting the most from the players under his command.

Having won the Champions League and La Liga 2023-24, despite injuries to key players like Eder Militao and Thibaut Courtois, Ancelotti has demonstrated an ability to win in a variety of ways.

Additionally, with an array of match winners such as Jude Bellingham, Mbappe and Vinicius Junior, it is difficult to see many posing a serious challenge to the reigning champions.

Favourite: Manchester City

Manchester City are perhaps the biggest threat to Real Madrid potentially winning a third title in four years.

Though few notable additions were made to Pep Guardiola's side in the summer, the former Barcelona manager still has some of the best players in the world in his squad.

The likes of Erling Haaland have started the 2024-25 season brilliantly, with the Norwegian having scored nine goals after four games, a new Premier League record.

In fact, while City have had issues defensively in the opening stages of their campaign, the Citizens are already top of the Premier League with 12 points from four matches.

Guardiola will also be boosted by the likely return of Rodri to the starting XI this week, a player that many consider to be the best holding midfielder in world football.

Additionally, talisman Kevin De Bruyne is also available and injury free for the beginning of City's Champions League campaign and should be able to showcase his best form in the latter stages of the competition.

Alongside Real Madrid, Manchester City should be considered as one of the favourites to win UEFA's premier club competition.

One to watch: Arsenal

While Arsenal have not started the 2024-25 season well in terms of overall performance levels, they have already achieved two impressive victories away from home against Aston Villa and their fierce rivals Tottenham Hotspur.

Their win against Spurs was particularly noteworthy given the Gunners were unable to select Martin Odegaard, Declan Rice or new signing Mikel Merino, a trio that may turn out to be manager Mikel Arteta's first-choice midfield.

In last season's edition of the Champions League, Arsenal struggled past Porto in the round of 16, before they were eliminated from the tournament in the quarter-final against Bayern Munich.

Though losing to Bayern would not normally be considered an unexpected outcome, the German giants had a particularly poor 2023-24 season and finished third in the Bundesliga.

For a team of their quality, Arsenal should have made it further in the competition than they did last term, and it will be fascinating to see if Arteta can improve on his side's showing in 2023-24.

The Gunners should certainly be a formidable opponent in the knockout stages of the Champions League given their extraordinary domestic defensive displays, with the club keeping 21 clean sheets in their last 42 Premier League games.

Arsenal should not necessarily be expected to win the competition, but they could compete with the likes of Manchester City and Real Madrid.

One to watch: Liverpool

Arne Slot's honeymoon period at Liverpool came to an abrupt end when they lost 1-0 against Nottingham Forest at Anfield on September 14.

The Reds' display was particularly concerning given their lack of attacking threat, and despite Slot making drastic tactical and personnel changes during the match, Nottingham Forest were never truly under pressure.

In the aftermath of the defeat, the Dutch manager commented that unlike in their opening three games, Liverpool faced a deep block against Nottingham Forest.

This could suggest that the Reds may find further difficulties against similarly defensive teams, but in the Champions League where Liverpool could often face sides that are more open, they could be more successful.

Opponents like AC Milan are unlikely to defend as deep as Nottingham Forest did, and if the Reds can qualify for the knockout stage of the competition, they could find joy against teams that play more proactively.

Slot's side could also benefit from the famous Anfield atmosphere, which was used to great effect for many years under previous manager Jurgen Klopp.

If Liverpool were to face the likes of Real Madrid in a knockout tie, it is difficult to see how they would progress, but they could be dark horses given their squad features the likes of Alisson Becker, Trent Alexander-Arnold, Virgil van Dijk and Mohamed Salah.

One to watch: Bayern Munich

The quality of Bayern Munich's squad in 2024-25 should mean that they are among the favourites to win the Champions League, but there are question marks about manager Vincent Kompany.

The former Burnley boss was not among the first-choice candidates for the Bayern job, but was eventually chosen after several coaches rejected the chance to lead the Bavarians.

Bayern have started their Bundesliga season well in terms of results, winning all three of their league matches so far, but they have shown some vulnerability defensively this term.

Regardless of these issues, Kompany will be expected to provide a return on the investment into his side, with additions like Michael Olise and Joao Palhinha having boosted his squad significantly.

Palhinha could be vital for Bayern as he may help to free Joshua Kimmich from the restraints of the defensive midfield role, and provide a more stable platform from which forwards like Olise could supply striker Harry Kane.

Other than Los Blancos, Bayern arguably have the best offensive line in Europe, and should be expected to reach the latter stages of the tournament.

New format, same favourites

The new Champions League format could prove to be a positive change to the tournament's usual structure, and may even help produce more exciting matchups than ever before.

Real Madrid and Manchester City will still be favourites to win the competition, but as has been seen in the past, anything can happen in European football.