City have lost just once in the Premier League this season and will now face their conquerors in the last eight of Europe’s elite club competition.
Pep Guardiola’s side lost 4-3 at Anfield back in January, and that defeat combined with their pairing in the Champions League has seen City move from favourites to second-favourites.
Liverpool have won at Manchester City, Arsenal and Chelsea in Jurgen Klopp's time (Martin Rickett/PA)
Image credit: PA Sport
Barcelona were drawn against Italian side Roma, who were thrashed 6-1 when they last visited the Nou Camp in November 2015.
Ernesto Valverde’s Barcelona have been cut from 7/2 to 11/4 to lift the trophy, while City are now 3/1 to win the Champions League for the first time. They were previously 11/4.
Liverpool have drifted even further than City, with their price going from 9/1 to 12/1.
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Bayern Munich, who have not lost a single match since Jupp Heynckes replaced Carlo Ancelotti in October, are now third favourites with bookmakers after being drawn against Sevilla, who knocked out Manchester United.
And Real Madrid are now 9/2 to win their third successive Champions League trophy. They face Juventus in a repeat of last year’s final which the Spanish side won 4-1.
Champions League outright odds
- Barcelona - 11/4
- Manchester City - 3/1
- Bayern Munich - 7/2
- Real Madrid - 9/2
- Juventus - 11/1
- Liverpool - 12/1
- Sevilla - 50/1
- Roma - 50/1