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After being drawn with Schalke, Sporting and Maribor, Paddy Power have cut the odds on the Blues winning the tournament while Carlo Ancelotti's side remain the favourites
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All eyes were on the Champions League draw taking place in Monaco on Thursday afternoon.
Europe's elite clubs waited with baited breath breath to find out which teams they would be drawn against in the group stage and the bookmakers have reacted accordingly.
| Champions League Winner Odds | ||
 | ||
| Odds from Paddy Power | ||
| Was | Now | |
| Real Madrid | 7/2 | 7/2 |
| Bayern Munich | 4/1 | 4/1 |
| Barcelona | 11/2 | 11/2 |
| Chelsea | 9/1 | 6/1 |
| Manchester City | 12/1 | 14/1 |
| Paris Saint-Germain | 14/1 | 14/1 |
| Arsenal | 20/1 | 20/1 |
| Atletico Madrid | 25/1 | 25/1 |
Chelsea were the shortest priced English side and there was no danger of them losing that tag after they were drawn against Schalke, Sporting and Maribor in what looks one of, if not the kindest group.
The Blues, who finished third in the Premier League last season, were the biggest movers within the front running pack, having their price cut by a third.
Jose Mourinho's side have been cut to 6/1 from 9/1 in the outright winner market and with a seemingly favourable group and plenty of summer reinforcements they could well be a popular pick to make another serious tilt at the title.
In some parts it was Bayern Munich who were the pre-draw favourites to win back the crown they secured in 2013 and Pep Guardiola's men were the first team to be drawn by Iker Casillas as the ceremony got underway.
Bayern were 4/1 with Paddy Power and there has beenno movement on that after the German champions were drawn alongside Manchester City, CSKA Moscow and Roma.
City have understandably remained steady in the betting at 12/1 with Paddy Power, although they did progress from a group that included Bayern last season in a campaign that included a 3-2 win at the Allianz Arena and they will be well fancied to qualify for the knockout stages once again.
Most firms had holders Real Madrid as the tournament frontrunners and Paddy Power were no exception.7/2 was the pre-draw price for a newly beefed up Madrid side to win back-to-back European titles this season.
Carlo Ancelotti's men have been kept short by the bookmakers and they remain 7/2 favourites to retain the trophy they secured with victory over city rivals Atletico in Lisbon earlier this year.
The Blancos have been drawn with Basel, Liverpool and Bulgarian side Ludogorets in Group B which has been deemed a favourable draw by the odds compilers. The Reds are still available at the same price of28/1 the same as before the draw took place.
Barecelona retain their place as third favourites at 11/2 in the betting although their odds drifted after the news that the Catalan giants will face Paris Saint-Germain, Ajax and APOEL in Group F.
Paris Saint-Germain may have dominated Ligue 1 for the last two seasons but they have yet to convert that into a serious European challenge. Punters who think that will change can back them at 14/1.
Before the draw Atletico Madrid may have caught the eye as a value bet at a double figure price despite the loss of some key players this summer. Diego Simeone's side came within minutes of securing an historic double last season and have been drawn alongside Serie A winners Juventus, Olympiakos and Malmo in their group and they remain 25/1 to win the tournament with Paddy Power.
Arsenal (20/1) squeezed past Besiktas by the smallest of margins in their play-off tie but were still a top seed in the drawing process and the Gunners will now play Borussia Dortmund, Roma and face another trip to Turkey in the shape of a clash with Galatasaray.
In an otherwise fairly even draw it certainly seems Chelsea are the big winners as far as the bookmakers are concerned.
Draw in full:
Group A: Atletico Madrid, Juventus, Olympiakos, Malmo
Group B: Real Madrid, Basel, Liverpool, Ludogorets
Group C: Benfica, Zenit, Bayer Leverkusen, Monaco
Group D: Arsenal, Borussia Dortmund, Galatasaray, Anderlecht
Group E: Bayern Munich, Manchester City, CSKA Moscow, Roma
Group F: Barcelona, Paris Saint-Germain, Ajax, APOEL
Group G: Chelsea, Schalke, Sporting, Maribor
Group H: Porto, Shakhtar Donetsk, Athletic Bilbao, BATE
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