“Stefania", by Ukrainian folk-rap group Kalush Orchestra, has been tipped by bookmakers to win the cult competition, this year being held in the northern Italian city of Turin on May 14.
With lyrics such as "I'll always find my way back home, even if all the roads have been destroyed", the Ukrainian act is expected to benefit from an outpouring of public support.
Russia was barred by organisers the day after it invaded its neighbour in late February.
A collation of leading bookmakers on fan site Eurovisionworld has put Kalush Orchestra as the runaway favourites, with hosts Italy in second place.
"The public show strong support for Ukraine but I would not assume Ukraine is going to win," said Dean Vuletic, a historian and expert on the geopolitics of Eurovision was quoted as saying by AFP.
"In 1993, Bosnia and Croatia did not finish highly," despite being under attack, Vuletic noted, adding: "While the Ukrainian entry is strong, there are other entries of high quality."