The 2023/24 Champions League is reaching the business end with teams booking their places in the quarter-finals.

It’s one of the most open tournaments in recent years with plenty of European giants not at their peak. Bayern Munich and Barcelona are just two of the sides around the continent that have looked rusty this season.

However, no sides can be ruled out from contention in a competition as dramatic as the Champions League.

Here’s 90min’s ranking of teams most likely to win this season’s Champions League.

This is hardly a vintage Borussia Dortmund team.

While there is always some unpredictability about them, BVB only managed to draw 1-1 away at PSV in their round of 16 first leg but ended up winning the tie 3-1.

There aren’t many teams left Dortmund would be expected to easily beat and they are only inside the top four of the Bundesliga by one point. That race is really fierce and could be where their attention is ultimately best served.

Atletico Madrid have had some great patches of form this season and could feasibly finish second in La Liga, but it’s hard to picture them going too much further in the Champions League.

That said, Los Rojiblancos managed to overturn a one-goal deficit against Inter at the Wanda Metropolitano in the last 16 to reach the quarter-finals, which is no mean feat considering how well the Italians have been playing this season.

It’s never easy to beat Atletico Madrid over two legs, but one of the more favoured teams should manage it.

Barcelona comfortably eased past Napoli despite drawing in the first leg.

However, can they really be trusted against one of the better sides in Europe? Barca are some way off Real Madrid and capable of some really flat performances against teams previous Catalan sides would have swept aside.

It would be some story if Barca suddenly found their feet and went all the way, but they’ll be better served ensuring they stay in the La Liga top four.

It looked like Bayern Munich weren’t going to make the quarter-finals upon losing the first leg of the tie against Lazio, but they got the job done with an impressive 3-0 win at the Allianz Arena.

Thomas Tuchel has won the Champions League before, but this is a really dysfunctional team that has been ravaged by injuries and would be a pretty surprising winner at this stage.

Certain players like Harry Kane, Leroy Sane and Thomas Muller will always offer something and they may benefit from being away from the noise of their seemingly failed Bundesliga title defence, but the Bavarians are certainly outsiders at this point.

Paris Saint-Germain’s obsession with the Champions League hasn’t been the main talking point in France’s capital of late.

Their participation in this season’s tournament has largely gone under the radar after the departures of Neymar and Lionel Messi but PSG have made the quarter-finals and, in some respects, look more settled than in other campaigns.

Yes, Kylian Mbappe is leaving, but he hasn’t gone yet and keeps scoring goals. Luis Enrique has got rid of the domestic drama and has his team sitting ten points clear at the top of Ligue 1. Mbappe will still be desperate to win the Champions League with PSG before he goes and says he has no issues with Enrique.

They will be very, very tricky opponents for whoever has to face them, but the curse looks likely to continue.

Arsenal have been hard to judge on their return to the Champions League.

The Gunners hadn’t competed in the competition since 2017 but players like Bukayo Saka and Declan Rice have enjoyed their first appearances in the tournament.

They managed to create some history in their first knockout tie with Porto, reaching the quarter-finals for the first time since 2010 after David Raya’s heroics in a penalty shootout at the Emirates Stadium.

Given qualification for next season’s Champions League is almost guaranteed and with a genuine shot at the Premier League title, Arteta may prioritise the latter and use this campaign as a chance to get experience in the knockout stages.

Arsenal are in electric form but still lack the nouse of some other teams this season.

It’s hard to know what it would take for Real Madrid not to be taken seriously in the Champions League.

Los Blancos sit top of La Liga and managed to knock out RB Leipzig in the round of 16.

With players like Jude Bellingham, Vinicius Junior and Federico Valverde and a coach like Carlo Ancelotti, Madrid are still one of the most feared teams on the continent.

They might not be as polished an outfit as Man City right now and have struggled with injuries, but Madrid have seen it all before and can’t be ruled out of claiming a 15th title.

There’s no doubt Man City are the favourites to win the Champions League again. The defending champions have got their best players fit and firing and are in ridiculously strong form.

One thing that could potentially count against them is the Premier League title race looks set to go down to the wire, meaning chances for Pep Guardiola to rotate and rest his players ahead of European ties will be slim.

Beyond that, there’s little reason to think Man City won’t lift the trophy again this season.