Michael Owen believes four teams have a ‘real chance’ of winning the Champions League this season.
After a revamped and elongated group phase, the Champions League knockout stages are finally upon us, with 16 teams still hoping to become European champions.
The last-16 stage gets underway on Tuesday night with Premier League clubs Arsenal and Aston Villa in action against PSV and Club Brugge respectively.
Elsewhere, there is a mouth-watering derby between Madrid rivals Real and Atletico after the former knocked Manchester City out in the last round, while Borussia Dortmund face Lille.
The European action continues on Wednesday with Premier League leaders Liverpool visiting PSG and Barcelona taking on Benfica.
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Meanwhile, Vincent Kompany’s Bayern Munich face Bayer Leverkusen after a nervy win over Celtic and Feyenoord play host to Italian giants Inter Milan.
Owen rates Liverpool as ‘favourites’ to win the Champions League but says three other teams also have a ‘real chance’.

Liverpool are on course to win their 20th league title having moved 13 points clear at the top of the Premier League table.
Arne Slot’s side also topped the Champions League group phase, winning seven games in a row before losing a dead rubber against PSV.
‘My Champions League favourites are Liverpool, above Real Madrid,’ Owen told BoyleSports. ‘You can also look at Barcelona and Bayern Munich as having a real chance.
Champions League last-16 fixtures
Club Brugge vs Aston Villa
Borussia Dortmund vs Lille
PSV vs Arsenal
Real Madrid vs Atletico Madrid
Feyenoord vs Inter Milan
Bayern Munich vs Bayer Leverkusen
Benfica vs Barcelona
PSG vs Liverpool
‘There’s a handful of teams who can win it, but I’d definitely say Liverpool and Real Madrid are the two teams at the moment.
‘There is huge pressure on Kylian Mbappe, but that’s Real Madrid. Managers have won the league and been sacked for not winning the Champions League.
‘The pressure there is to beat Barcelona and now Atletico Madrid as well, they have the best players and the best manager, you have to win everything or it feels like a failure.
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‘Mbappe knew the scenario before he signed, that’s the life of a top player. If he didn’t want the pressure he should’ve signed for someone else. The higher up the food chain the more pressure there is.
‘He will have to fire them to the top of the league and the Champions League, but he’s not failed in doing so yet. They have a habit of coming on strong and they’ll go on a great run when everyone is it.
‘They will be the last team you want to draw in the knockout stages, people have spoken about Real Madrid like they are having a disastrous season, but you’d be very brave to dismiss them now.’

Speaking after Manchester City’s Champions League exit, Pep Guardiola described holders Real Madrid as ‘favourites’ but, like Owen, suggested three other teams could pip Los Blancos to the trophy.
‘Of course Madrid are a contender, definitely,’ Guardiola said. ‘But there are other good teams around. It will be an interesting Champions League season.
‘Madrid are always favourites for this trophy. There are other teams who are having a very good season but Madrid are always favourites.
‘But there are other teams that are playing very well. Liverpool are having a really good season up until now, Barcelona are amazing, Paris Saint-Germain, with my friend Luis [Enrique] in charge, are on the march.
‘But obviously, Madrid are favourites.’
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