English clubs are making a significant impact in Europe, with five Premier League teams securing wins in a single round of this season's Champions League for the second time. Arsenal, Liverpool, Manchester City, Newcastle, and Tottenham all emerged victorious this week, positioning the first four within the top eight, the threshold for automatic qualification to the knockouts.

Only Chelsea faced a setback, drawing 2-2 with Qarabag. However, they remain in a favorable 12th position at the group stage's midpoint. This season marks the first instance of five teams from a single country winning in the Champions League in a single round of matches, a feat now achieved twice by English teams.

"In five years' time we will look at this period of the next five years as the domination of England, I don't see it any other way," Spanish football journalist Guillem Balague told BBC Sport. "Bayern are doing really, really well and they can disrupt that. PSG will have their moments, I think Barcelona and Real Madrid are lagging behind, but there is nobody else."

The question arises: Are English teams now the favorites to win the Champions League, and how probable is a fourth all-English final? Arsenal aims to secure their first Champions League title, displaying a promising start with a perfect record alongside Bayern Munich and Inter Milan, accumulating 12 points from 12. They have maintained a clean sheet in each of their four games and scored 11 goals, surpassed only by Bayern Munich, Paris St-Germain, Borussia Dortmund, and Barcelona.

Collectively, English teams have outperformed their counterparts, winning 17 of 24 games, scoring 56 goals (14 more than any other country), and conceding just 17, a record only bettered by French teams. This success is attributed to the financial strength of Premier League teams, enabling them to invest in top talent through substantial transfer fees and wages. TV rights have generated significant broadcast revenues, dwarfing those of other countries.

Premier League clubs exceeded previous spending records this summer, surpassing £3bn. Their financial power surpasses that of the Bundesliga, La Liga, Ligue 1, and Serie A clubs combined. This financial advantage allows for investment in larger squads, as exemplified by Arsenal's increased strength in depth.

"Obviously in a knockout competition anything can happen but in terms of money, talent, coaching, facilities and even the talent in the offices, England are the super league of Europe," Balague added. "I am not saying this perhaps with the jealousy of Spanish football in general, it is just a reflection of what is happening."

This season marks the first Champions League with six clubs from one nation, and history will be made if all six English representatives advance. In 2017, Chelsea, Liverpool, Manchester City, Manchester United, and Tottenham all progressed, making England the first country with five teams in the knockouts. However, only Liverpool and Manchester City advanced beyond the last 16, with Liverpool reaching the final after defeating City in the quarter-finals, ultimately losing to Real Madrid.

According to Opta's predictions, Arsenal has a 99.8% chance of progressing to the knockouts, Manchester City 97.4%, and Liverpool 95.5%. The model is less confident about Newcastle (82%), Chelsea (80.8%), and Tottenham (72%).

Former Liverpool midfielder Stephen Warnock told BBC Sport: "I'd say at the moment it is [significant what English teams are doing], but it doesn't matter what goes on at the moment because we saw what happened last year, when Liverpool were dominating and finished top of the league stage - and then they were suddenly knocked out by PSG who had been rubbish up until then. So I just don't see at the moment, unless you get knocked out, what effect it is going to have and it does not mean the English teams are going to get through the knockout stages because it all depends on the draw, and how you are set up later in the competition."

Bayern Munich, led by the in-form Harry Kane, boast a perfect record with 14 goals and conceding just three. The top eight slots are occupied by the usual suspects, including Inter Milan, Paris St-Germain, and Real Madrid, alongside Bayern and the four English sides.

Azerbaijani side Qarabag, after drawing with Chelsea, have seven points from four games, positioning them for a play-off spot. Based on last season's league phase format, around 16 points may be needed to finish in the top eight, requiring teams to win approximately five of their eight games. Securing a play-off place requires finishing between ninth and 24th, with Club Brugge securing the final qualifying spot last season with 11 points.

Opta predictions rate Arsenal as the most likely to win the Champions League (23.4%), followed by Manchester City (12.5%) and Liverpool (11.3%). Former Everton midfielder Leon Osman believes the true test will come in the knockouts.

"It is great [what English teams are currently doing], but it is only when you then get to the knockout stages, where it is literally one team through and one going home, that is the true test and that is when the big-hitters turn up."

But Osman added that while it is early days, there could be signs that Premier League teams are now getting the balance right between being able to be competitive at home and abroad. We have probably expected this [dominance] for years, but it hasn't quite materialised before. Maybe that is down to the competitiveness of the Premier League, which makes it hard to combine the two, but maybe this year, they are starting to get the balance right.

Of the 31 seasons of at least one English side in the Champions League, 16 of those campaigns have seen every Premier League representative progress beyond the group stage or first group stage. Of those 16 occasions there have been 11 appearances in the final from English sides, with 2007-08, 2018-19 and 2020-21 having all-English finals.

But according to Opta predictions the most likely final at this stage would see an English side face a German side, with Arsenal (38.8%) and Bayern Munich (27.3%) the favourites to get there.