Bayern Munich set up a dream home final after a dramatic penalty shoot-out victory over Real Madrid on Wednesday night.

The Germans will face Chelsea at the Allianz Arena after both sides overcame the odds against Spanish opposition.

Die Roten were no better than 6/5 to qualify prior to the clash at the Bernabeu but they were out at 6/1 in-running after Cristiano Ronaldo’s quickfire double.

However, Arjen Robben pulled a goal back from the spot after Pepe had fouled Mario Gomez, levelling matters on aggregate before the break.

An end-to-end first period gave way to a cagier second and when the sides couldn’t be separated in an additional 30 minutes, it went to penalties.

The visitors raced into a 2-0 lead after David Alaba and Gomez converted, while Ronaldo and Kaka were spurned by Manuel Neuer. At that stage, Bwin moved Los Blancos out to 11/1 but they fought back as Toni Kroos and Philipp Lahm were denied.

However, Sergio Ramos blasted high over the bar, leaving Bastian Schweinsteiger with the chance to send Der FCB through. He calmly netted to land odds of 40/1 in the method of victory market.

Jupp Heynckes’ men have been swiftly installed as heavy favourites to take their first title since 2001. Betfred and Coral offer a standout 1/2, with 4/9 generally available.

Chelsea are a best of 15/8 (Boylesports) after their remarkable triumph over holders Barcelona on Tuesday.

Roberto Di Matteo’s men made it through 3-2 on aggregate, with Ramires and Fernando Torres striking for the ten-man Londoners in a 2-2 draw at the Camp Nou.

Result: Real Madrid 2-1 Bayern Munich AET (3-3 agg), Bayern win 3-2 on penalties

Back Bayern Munich to win the Champions League at 1/2