The Champions League returns this week, with Paris St-Germain seeking to become the first team since Real Madrid between 2015 and 2018 to win the competition three years in a row.

The league phase begins on Tuesday, with Arsenal among the leading contenders after reaching last season’s final. The final is scheduled to take place in Madrid on 5 June next year.

Arsenal lead Opta projections

According to Opta, Arsenal are the overall favourites to win the competition, with a 20.4% chance. Bayern Munich are narrowly behind on 20%, while Manchester City are given a 12.7% chance of lifting the trophy.

PSG’s probability of winning a third consecutive title stands at 7.3%, ranking them fourth in Opta’s assessment. All five Premier League teams are in the top 10 for overall win probability and have been given more than a 50% chance of reaching the last 16.

Liverpool have the easiest league-phase draw among the Premier League clubs according to Opta’s power rankings. Arsenal also have a relatively favourable schedule, despite being drawn against Real Madrid and Bayern Munich. They will also face Sabah and Slovan Bratislava, the two lowest-ranked teams in the competition, according to the report.

Manchester City face the toughest fixtures of the English clubs, including matches against Barcelona and PSG.

Expert predictions

Julien Laurens predicts Arsenal will win the competition, with Bayern Munich as runners-up and PSG reaching the semi-finals. He said Arsenal’s defence could prove decisive.

Guillem Balague expects PSG to remain among the leading contenders but also highlighted Barcelona and Arsenal. He said Bayern Munich, Real Madrid or Manchester City could make up the fourth semi-finalist, depending on the draw.

Players to watch

The experts identified several players to follow during the tournament. Laurens selected Jude Bellingham, Nico Paz, Khvicha Kvaratskhelia, Ismaelo Ganiou and Donyell Malen.

Balague also named Bayern Munich forward Harry Kane, Barcelona teenager Lamine Yamal, Shakhtar player Kaua Elias and Arsenal captain Martin Odegaard, as well as Kvaratskhelia.

Kvaratskhelia was selected by both experts after his performances for PSG in recent seasons. Bellingham and Odegaard were also highlighted as players who could play important roles for their teams.

Debutants in focus

The tournament will also feature four debutant teams: Como, LASK, Sabah and Viking.

Balague expects Como, managed by Cesc Fabregas, to reach the knockout stages. He believes LASK could collect a respectable points tally but may not qualify, while Sabah face a difficult introduction with matches against Arsenal, Manchester United, Barcelona and Borussia Dortmund.

Viking will face Bayern Munich, Atletico Madrid, Napoli and Aston Villa. Balague said the Norwegian side could reach the knockout stages.

BBC Sport will provide Champions League highlights on BBC iPlayer and its website and app from 22:00 BST on Wednesdays during Champions League weeks. A Champions League edition of Match of the Day will also be shown on BBC One at 22:40.