The report -- commissioned by MasterCard, one of the sponsors of the Champions League -- found the winning team's city could benefit by more than 10 million pounds through increased tourism, consumer spending and commerce.
Russia's capital, hosting the all-English final between Chelsea and Manchester United, is also set to receive an economic boost of more than 35 million pounds.
Athens, host of the 2007 final, made an estimated 18 million pounds, the study said.
"The 2008 UEFA Champions League Final is not only the greatest prize in European club football, but it is also expected to be the biggest yet in economic terms, with a total cumulative impact that could amount to upwards of 210 million pounds," professor Simon Chadwick of Coventry University in England, who conducted the study, said in a statement.
The 85 million pounds estimate for the winning team does not include more than 30 million pounds the two English Premier League clubs may have already pocketed during their respective Champions League campaigns.
This could mean a win at the Luzhniki Stadium in Moscow will be worth in excess of 115 million pounds, the study said.
The loser may also earn more than 30 million pounds from the game.
In total a windfall of more than 210 million pounds is expected from Wednesday's final, including an economic impact of 50 million pounds across Europe.
The figures are higher than the estimated economic impact of the 2007 Champions League final in Athens, where AC Milan beat Liverpool 2-1 and is supposed to have earned up to 67 million pounds from winning, according to the study.
In 2005, the city of Liverpool made an estimated 46 million pounds after the club's win in Istanbul, while Porto benefited by almost 10 million pounds after their 2004 victory.
Increased expenditure on food and drink, prior, during and after the event, increased sales of merchandise, enhanced city image and more tourists as well as better media and sponsorship deals contribute to city's revenues, the study said.
"A significant proportion of the final's impact will be generated by the British population, as well as by other people from across Europe and the rest of the world," the study said.
With each team being allocated 21,000 tickets, at least 42,000 overseas fans are expected in Moscow for the all-English showdown, days after Manchester United won the Premier League title.
Match attendance though will be more than double that figure at nearly 85,000 people, including a crowd of officials, sponsors, guests and Russian fans.
More than 20 million people in Britain will watch the final on television, with about 100 million tuning in around the world, the study said.
"Quite apart from the qualifying, group and knockout stages of the tournament, this places the final itself on a par with the world's leading regular, one-off sporting events, such as the NFL Super Bowl," the report noted.
A separate financial study showed British fans would spend about 624 pounds each during a two-day visit to Moscow.
Sainsbury's Finance said British fans would take up to a total of 40 million pounds with them to the Russian capital on drinks, food hotel room and taxis.