Real Madrid and Juventus are joint favourites at 4/1 for the Champions League after first-phase action concluded Wednesday with four Spanish clubs qualifying for Friday's draw.

Manchester United, third favourites at 5/1, face the prospect of renewing rivalry with Bayern Munich whom they beat in the 1999 final.

The rules for the draw prevent them from playing either of the two other English clubs -- Arsenal or Chelsea -- or the other group winners which include Real, Juventus, holders AC Milan and French sides Monaco and Lyon.

That leaves Bayern as the biggest threat from the group runnersup who include Lokomotiv Moscow, Deportivo La Coruna, Real Sociedad, Stuttgart, Porto, Sparta Prague and Celta Vigo.

However, United will not be drawn against Stuttgart as they qualified from the same group.

Milan are 8/1 and Bayern 14/1 as the competition reaches the knock-out stage which includes two from France for the first time in five years and two from Germany in Bayern and Stuttgart.

Juventus thrashed Olympiakos 7-0 on Wednesday to set a new Champions League record.

Bayern Munich, the 2001 champions who failed to win a match last season, reached the next round after beating Anderlecht 1-0 in a tense Group A game at the Olympic

Stadium.

Dutch striker Roy Makaay grabbed the crucial goal on 42 minutes, driving home a penalty after Anderlecht defender Michal Zewlakow had brought down Claudio Pizarro. It was Makaay's fifth goal in Europe and he leads the scorers' list with Monaco's Croatian striker Dado Prso.

Bayern must feel the 18.75 million euros (23 million dollars) they paid Deportivo for the player well worth it. Progress to the last 16 is worth a minimum of seven million euros which could multiply fourfold if they reach the semifinals.

The win secured Bayern the runners-up spot in the group behind Lyon, who beat Celtic 3-2 at the Stade Gerland.

And Bayern coach Ottmar Hitzfeld believes they have nothing to lose.

"I think we can play with less pressure on our shoulders in the last sixteen," he insisted. "The pressure will be on the other teams."

Inter Milan, who started the competition with a 3-0 win at Arsenal, crashed out after a 1-1 draw against Dynamo Kiev in Group B.

Lokomotiv Moscow, who had a superior head-to-head record against Inter, advanced to the knockout phase along with Arsenal, despite losing 2-0 at Highbury.

Arsenal lost two of their first three matches but manager Arsene Wenger believes they have the mental strength to go all the way.

But the bookmakers see Chelsea at 11/2 as a better option than Arsenal who are at 6/1.