Bayern Munich the betting favorites to win Champions League after Round of 16

And then there were eight.

The last two quarterfinal participants for this season's Champions League were determined on Wednesday, with Barcelona and Juventus joining the likes of Bayern Munich, Real Madrid and Paris Saint-Germain as the eight teams left with a chance of hoisting Ol' Big Ears.

Not surprisingly, the only remaining German side in the competition is the betting favorite to capture the crown for the sixth time in club history. 

"We were strong in the group phase and put down a marker in the last 16 which certainly made all the other teams sit up and take notice," midfielder Thomas Muller said this week. "From what I have seen so far, we are the most superior team in the Champions League this season."

The oddsmakers seem to agree.

After obliterating Shakhtar Donetsk 7-0 on aggregate in the Round of 16, Pep Guardiola and company have separated themselves from Real Madrid, and are sitting atop the list with 9-4 odds. Madrid's recent struggles, highlighted by the 4-3 loss to Schalke last week that saw them just barely hang on to a place in the quarterfinals, have seen their odds dip - though they are still among the favorites.

While Los Blancos are heading in the wrong direction, their bitter, perennial rivals are shooting up the table in the eyes of the books.

Barcelona advanced to the quarterfinals after topping Manchester City 3-1 on aggregate, and the utter dominance they displayed over the two legs (though not reflected in the scoreline) has them on the board at 5-2.

Below are the odds for each team remaining in the competition to be crowned victorious in Berlin on June 6.

The draw for the quarterfinals of this year's Champions League will take place in Nyon, Switzerland on Friday. 

The first legs of the next stage are scheduled for April 14 and 15, while the return fixtures will be played April 21 and 22.

Lines courtesy Westgate Las Vegas SuperBook.