According to reports from Catalan outlet Mundo Deportivo, the two arenas in the running to host the final are Wembley Stadium in London and Barcelona's renovated Estadio Camp Nou.
Barcelona's bid has been endorsed by Barcelona City Council, the Catalan Government and the RFEF (Royal Spanish Football Federation) with the LaLiga giants rumoured to have the edge on Wembley.
The current capacity of Wembley is 90,000, but with the Camp Nou's renovation ongoing, the expected final capacity of it could be 104,600 by 2029.
Wembley has also hosted three UCL finals since reopening in 2007 - including Barcelona's win over Manchester United in 2011 - and it will also host the semi-finals and final of Euro 2028.
UEFA officials have visited the Camp Nou site several times in recent years to assess his readiness to host Champions League football and the continued construction is not a concern at this stage.
The Camp Nou has hosted European's football biggest club game twice before, in 1989 and 1999, where AC Milan beat Steaua Bucharest and Manchester United infamously came back to overhaul Bayern Munich respectively.