Real left it late to seal a 4-3 aggregate semi-final victory over Bayern Munich and they are hot favourites to be crowned European champions for a record-extending 15th time.
However, Dortmund upset the odds by knocking out Paris Saint-Germain in the semi-finals and they will be looking forward to their showdown with Real at the start of June.
Champions League Winner Odds: Latest Betting
Odds courtesy of bet365, correct at the time of publishing and subject to change.
| Team | Odds |
| Real Madrid | 3/10 |
| Borussia Dortmund | 5/2 |
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Real Madrid have had to dig deep on their quest for yet another Champions League title as they knocked out holders and trophy favourites Manchester City on penalties in the quarter-finals.
After beating RB Leipzig in the last 16 and Bayern Munich in the semis, Los Blancos will take on another German side in the final as Borussia Dortmund - 50/1 shots at the start of the tournament - beat PSG 2-0 on aggregate in the last four.
Real Madrid @ 3/10
Real Madrid boast a record 14 European crowns and Los Blancos' pursuit of a 15th title started well as they won all six group matches to ease into the knockout phase.
The Spanish giants were workmanlike in their 2-1 aggregate victory over Leipzig in the round of 16 and a quarter-final meeting with City, who beat them 5-1 on aggregate in last season's semi-final, was always likely to be a tough test.
Carlo Ancelotti's men shared a thrilling 3-3 draw with City at the Bernabeu, where they led 2-1 after 14 minutes but trailed 3-2 before Federico Valverde's late equaliser.
And Real frustrated the Citizens, who had 33 shots in 120 minutes, in a 1-1 second-leg draw at the Etihad Stadium before holding their nerve to win on penalties.
Their semi-final against Bayern was another tense contest. Real drew 2-2 in Munich but were on the brink of defeat in the return leg before substitute Joselu scored in the 88th and 91st minutes to seal a dramatic 4-3 aggregate victory.
Borussia Dortmund @ 5/2
Edin Terzic's Dortmund side started their Champions League campaign with a 2-0 away defeat to PSG, but they rallied to win a tough group that also featured AC Milan and Newcastle.
Dortmund came through 3-1 on aggregate against PSV Eindhoven in the last 16, but they were 25/1 outsiders in the betting after the draw for the quarter-finals, which pitted them against Atletico Madrid.
BVB trailed 2-0 in the first leg in Madrid before Sebastien Haller scored a crucial late goal and they roared back to win the home clash with Atletico 4-2.
Dortmund have slipped to fifth in the Bundesliga, but they raised their game again for the Champions League semi-final against PSG.
Striker Niclas Fullkrug scored the only goal of the game in the home leg against the French champions and veteran centre-back Mats Hummels earned them another 1-0 win in Paris, where PSG were denied by the woodwork four times.
Dortmund are clear underdogs for the final against Real, but the 1997 European champions have already shown their character and quality during a tough run of Champions League fixtures this season.