It has been officially revealed by UEFA that there will be a mini eight-team tournament at the conclusion of domestic seasons to crown the European champions.
The competitions will still be played behind closed doors due to the fears surrounding coronavirus, with the Champions League taking place in Lisbon, Portugal.
The final of the tournament will take place at the Estadio da Luz, where it happened already in 2014. However, which team are you backing to be crowned the European champions in late August?
The team to beat in the competition according to the latest odds is Manchester City. City have been considered the favourites for the Champions League in each of the last two seasons.
Nonetheless, their form in the European competition has deteriorated as they have been almost burnt out after competing in the Premier League, FA Cup and League Cup. However, this season they will have an incredible chance to win the Champions League as no other side has benefited from the break in play as much as City.
Pep Guardiola is back up to a fully fit squad, with Leroy Sane and Aymeric Laporte both being at their peak fitness for the first time this campaign. City will also be able to rest players in the Premier League between now and the end of the season as they donâ€™t have an awful lot to play for with Liverpool looking certain to win their first title in 30 years.
Guardiola will be able to use his full squad to ensure that they are in the best possible position to win the Champions League for the first time in their history.
Bayern Munich have already enjoyed a successful season as they have won the Bundesliga title for the eighth consecutive year. The Bavarians form since the turn of the year has been frightening, as they have dropped just two points.
Such is their dominance in Germany that they were able to give the other sides in the division a head start, and still win the title with two games remaining. Robert Lewandowski has been in excellent form this season as he has scored 33 goals in the Bundesliga and 49 in all competitions.
Bayern still have to navigate their way through the second leg of their clash with Chelsea, but it is hugely unlikely that they will squander the 3-0 advantage that they earned at Stamford Bridge. Bayern will be among the favourites, but there may also be a concern that by the time that the Champions League starts they wouldnâ€™t have been on the pitch for over a month. However, there is no doubting the quality that they have.
The final side that is in the running according to the betting is Barcelona. Paris Saint-Germain are also short odds, but the time that they have had off has seen their chances diminished. Barcelonaâ€™s chances likely centre around one player in particular- Lionel Messi.
The Argentinean promised Barcelona fans at the end of last season that they will avenge their embarrassing 4-0 defeat against Liverpool in the semi-finals in the 2019-20 campaign.
The Catalonian club will still have work to do when they re-open their Champions League campaign as they could only manage a draw in the first leg against Napoli.
Barcelonaâ€™s confidence going into the competition could be crucial, and whether or not they will be in good form will depend on whether they are able to hold off the challenge from Real Madrid and win the La Liga title.
Though, it is incredibly difficult to rule Barcelona out, as the talent of the front three alone will ensure that they are competitive.
There you have our favourites for lifting the trophy in August. Football might have returned already in Europe and fans are blessed with excitement. But, other sports are still on hold, such as NBA. Still, if you fancy betting on the NBA odds click here and get prepared for when the competition returns: https://extra.betamerica.com/nba/odds/