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Fernando Santos' side were winners in Euro 2016 in France and followed it up with a UEFA Nations League win on home soil in 2019.
But they look even stronger two years on, with the luxury of some serious squad depth going into the rearranged European Championships tournament.
In fact, the emergence of fresh, exciting talent means Portugal can field three fairly impressive XIs and Santos will have some difficult calls when it comes to selecting his squad.
At the same time, it's a good dilemma for the 66-year-old to have as Portugal have a wealth of options at their disposal.
In goal, Wolves' goalkeeper Rui Patricio will no doubt be No.1 choice in between the sticks but there's solid back-up in Lyon's Anthony Lopes and Bruno Varela of Vitória S.C.
Options at full-backs are incredibly strong. Joao Cancelo, Nelson Semedo and Ricardo Pereira could all easily be the first-choice at right-back, with Borussia Dortmund's Raphael Guerreiro and Mario Rui tussling it on the other side.
Ruben Dias has been nothing short of imperious for Manchester City and is a shoo-in to start at the heart of the backline. Veteran defenders Pepe and Jose Fonte, as well as Ruben Semedo, are his potential partners.
William Carvalho and Danilo Pereira can both operate as the "destroyer" in the defensive midfield position, with Wolves pair Ruben Neves and Joao Moutinho, Bruno Fernandes, Renato Sanches, Andre Gomes and Sergio Oliveira just some of the ridiculous possibilities playing centrally.
And then comes the quite frightening attacking options. Captain and record goalscorer Cristiano Ronaldo is looking to win a second Euros and he'll have plenty of high-quality support from the likes of Bernardo Silva, Joao Felix, Diogo Jota, Daniel Podence, Francisco Trincao, Andre Silva and Sergio Goncalves.
Portugal have been placed in the so-called 'Group of Death' along with France and Germany but with such a stacked squad, they are more than capable of going all the way.
Are they the favourites for the competition? What do you make of their squad?
Sound off in the comments.
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