Former world's no.1 tennis player Novak Djokovic has emerged as the favorite to win his fourth straight Australian Open championship, besting Big Four rivals Rafael Nadal, Roger Federer and Great Britain's Andy Murray on various betting platforms.

Gunning to become the winningest men's singles player in Australian Open in the Open Era, Djokovic will have a strong backing from sports punters in this year's tournament in Melbourne.

The Serbian has already has four Australian Open championships around his belt - including three straight victories from 2011 to 2013. However, Djokovic looks to raise the bar even higher as he attempts to win his fifth title, a feat that would set him apart from two other four-time winners: Federer and tennis legend Andre Agassi.

According to International Business Times, Djokovic topped the list with betting odds of 2.0. Nadal, who recently captured his first title of the season in Doha Qatar, is a close second at 3.6 while the returning Murray (6.5) remains a contender after just coming off a back surgery late last year.

On the other hand, Federer leads a group of wild card contenders as he placed in fourth at 12.0. He was followed by another former Grand Slam champion in Juan Martin Del Potro (13.0), former Australian Open finalist Jo-Wilfried Tsonga (36.0) and fellow Swiss Stanislas Wawrinka (41.0).

Another Joker Victory?

According to IBT, Djokovic has a legitimate shot at winning another Grand Slam in Australia, if he continues to sustain the hot run he had in the homestretch mark of the 2013 season.

After losing to Nadal in the U.S. Open Championship, Djokovic came out on fire as went on to bag four tournaments - including the season-ending ATP Tour Finals in November. Moreover, Djokovic managed to beat the Spaniard twice during that stretch, the first time in the final of Beijing Open while the second in the season-ending championship match in London.

"The Serbian is currently tied with Federer and Andre Agassi with four Aussie titles. The all-time leader is actually Roy Emerson who has six championships but all came before 1968," IBT reported.