Sentinel-2 is planned for launch in 2013 and it is equipped with the Multi Spectral Instrument (MSI), which will provide images with high spatial, spectral and temporal resolution. It incorporates two new spectral bands in the red-edge region, which can be used to derive red-edge type of vegetation indices. These are particularly suitable for deriving estimates of canopy chlorophyll and nitrogen (N) content. In this paper, the potential of Sentinel-2 in estimating canopy chlorophyll and N content is evaluated by studying data obtained for a number of different test sites. In particular, the red-edge chlorophyll index was found to be an accurate and linear estimator of canopy chlorophyll and Ncontent and the Sentinel-2 bands are well positioned for deriving this index. Results stress the importance of the red-edge bands on Sentinel-2 for agricultural applications.