Title holders Paris Saint-Germain squandered a three-goal lead but held on to beat Bayern Munich 5-4 in a Champions League semi-final first leg match for the ages on Tuesday night and all to play for in the return leg in Germany next week.

Bayern led from a Harry Kane penalty in the 17th but PSG turned matters around from Khvicha Kvaratskhelia in the 24th and João Neves in the 33rd and were 3-2 up after a breathless first half from Ousmane Dembélé's stoppage time spot kick after Michael Olise had levelled for the visitors in the 41st.

The goalfest between the arguably two best sides of the competition continued after the break when Kvaratskhelia and Dembélé got a quickfire double for 5-2 in the 56th and 58th.

But Bayern, without their coach Vincent Kompany on the touchline due to suspension, were far from beaten and back within one from Dayot Upamecano in the 65th and Luis Díaz three minutes later.

The duel lived up to all the hype and now heads to Munich for the return leg next week Wednesday.

PSG ended a run of four straight defeats against Bayern in the elite event, including a 2-1 home defeat in this season's league stage but there is no real favourite to go to the May 30 final in Budapest.

The other first leg semi is on Wednesday between Atletico Madrid and Arsenal.