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Real Madrid advanced to the Champions League final with a win over Bayern Munich. GABRIEL BOUYS/AFP/Getty Images

Two traditional powers are set to meet in the UEFA Champions League final on May 26 at NSC Olimpiyskiy Stadium in Kiev. Defending champion Real Madrid enter the match as the favorite against Liverpool.

Most betting sites list Real Madrid at 6/5 odds to win the final, while Liverpool are the underdogs at 2/1. Odds of a draw are listed at 13/5. On May 2, Real Madrid entered as an 8/11 favorite, while Liverpool were listed at 11/10.

Real Madrid advanced to their record 16th final with their 4-3 aggregate victory over German titans Bayern Munich. Liverpool, who will compete in their eighth final, will appear in the title match after holding off Serie A powerhouse AS Roma, 7-6.

Both teams should be rested for the championship match. Liverpool completed their Premier League season over the weekend, while Real Madrid are on the road Saturday against Villarreal in the final weekend of La Liga. Manager Zinedine Zidane is not expected to use his top players since Real Madrid are assured of finishing in third place.

Liverpool manager Jurgen Klopp said the Reds will be “on fire” in Ukraine.

Rafael Benitez, who coached both clubs, told Marca that he expects "an interesting final."

"Seeing Real Madrid against Juventus and Bayern you realize that they have experience and quality, and they know how to handle games in extreme situations ... That's a plus.

"Liverpool, on the other hand, play with a lot of intensity, quality, pace ... The pace of the Premier League is far superior to that of other leagues as you saw for yourselves against Roma, for example."

Real Madrid are seeking their third consecutive title. In 2017, Real Madrid were listed as 5/6 favorites over Juventus. In 2016, Real Madrid were listed at 5/7 odds to defeat local rival Atletico Madrid.

Liverpool, which won back-to-back titles in 1978 and 1978, have won the European championship five times, with their last title coming in 2005. Real Madrid have won the tournament 12 times, including five consecutive times from 1956 to 1960.

The two teams met in the 1981 European Cup final in Paris, with Liverpool prevailing, 1-0. It marked the last time Real Madrid lost in the European championship.

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Real Madrid celebrate after defeating Bayern Munich. GABRIEL BOUYS/AFP/Getty Images