BARCELONA and Chelsea are joint 7/2 favourites to win the Champions League, according to Ladbrokes.

And the firm make Real Madrid, under new boss Fabio Capello, 9/1 to lift the trophy they've won more times than anyone else.

Ladbrokes spokesman, Nick Weinberg, said: "We can't separate the two rivals. They've clashed in previous campaigns and who'd bet against a renewal of hostilities for the third consecutive season?

"Given the uncertainty surrounding who will represent Serie A in European competition we've omitted the affected Italian teams from the betting. As soon as we know the result of the appeal we'll amend our markets accordingly."

Arsenal are 14/1 to go one better than last season and lift the trophy.

LATEST BETTING

Champions League winner 2006/07

Barcelona 7/2
Chelsea 7/2
Real Madrid 9/1
Liverpool 10/1
Bayern Munich 12/1
Inter 12/1
Lyon 12/1
Manchester Utd 12/1
Arsenal 14/1
Valencia 20/1
Werder Bremen 40/1
Hamburg 50/1
Porto 50/1
Bordeaux 66/1
Celtic 66/1
Osasuna 66/1
PSV 66/1
Ajax 80/1
Benfica 80/1
Lille 80/1
Sporting Lisbon 80/1
Galatasaray 100/1
Olympiakos 100/1
Spartak Moscow 100/1
Hearts 150/1
Valerenga 200/1
Anderlecht 250/1
Standard Liege 500/1