Barcelona are still the 15/8 favourite despite having to take on the Gunners in a repeat of the 2006 final, although this time Thierry Henry will be in Catalan colours.
Paddy Power quote the Spanish club at 4/9 to progress to the next stage while Arsenal are 13/8 to prevail against the holders.
The two English clubs have been kept apart in the draw and are 8/1 to meet each other in Madrid, and it is only 10/3 that United will face Barcelona in the final for the second year running.
Roberto Coladangelo spokesperson for Paddy Power said "Two massive games for Arsenal and United, but with the draw favouring United they have now been cut to 13/5 to pick up the title and Arsenal's huge task has meant they are now 9/1 from 6/1."
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Outright betting:
15/8 Barcelona
13/5 Man United
4/1 Inter Milan
9/1 Arsenal
11/1 Bayern Munich
14/1 Lyon
18/1 Bordeaux
40/1 CSKA Moscow
To qualify for the semi finals:
4/5 Lyon
10/11 Bordeaux
13/8 Bayern Munich
4/9 Man United
13/8 Arsenal
4/9 Barcelona
3/10 Inter Milan
9/4 CSKA Moscow
Arsenal v Barcelona
First leg match betting
7/4 Arsenal
23/10 Draw
6/4 Barcelona
To qualify for semi final
13/8 Arsenal
4/9 Barcelona
Arsenal v Barcelona specials
15/2 Barcelona to win first leg 2-1
25/1 Arsenal keeper to be sent off in first leg
3/1 Henry to score at Emirates
Name the finalists
8/1 Man United v Arsenal
10/3 Man United v Barcelona
7/2 Man United v Inter Milan
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