As the two-time defending champions, Barcelona will once again be the overwhelming favourites to lift the trophy in Lisbon in May.
The Spanish side, who have played in the past four finals, are aiming to become just the second club after Lyon to win three straight titles.
Their squad is full of players from Spain’s 2023 World Cup winning side, including Ballon d’Or winners Aitana Bonmati and Alexia Putellas.
Lyon’s dominance in the Women’s Champions League has come to an end in recent years, but the French club will be seen as the biggest challengers to Barcelona, having defeated them in the 2022 final.
However, the eight-time winners are entering a new era without Bompastor at the helm and are yet to prove themselves under former Arsenal boss Joe Montemurro.
Wolfsburg, as two-time winners and runners-up in 2023, would usually be seen as contenders, but their status as Germany’s top team has been stolen by Bayern Munich, who have won the past two Frauen-Bundesliga titles.
Bayern have reached the semi-finals twice before, but they fell in the group stages last season after conceding a late equaliser to PSG in their final group game.