The Kentucky Derby 2012 is inching closer and foals Union Rags and Bodemeister are the favorites to win the first leg of horse racing's Triple Crown, according to

While the horses set to run in the derby aren't finalized, the official Kentucky Derby website lists 20 horses as possible contenders while lists odds for 20 horses.

Union Rags, owned by Chadds Ford Stable, trained by Michael Matz and ridden by Julien Leparoux is given 5 to 1 odds to win the derby, the same odds given to Bodemeister, owned by Zayat Stables, trained by Bob Baffert and ridden by jockey Mike Smith.

Bodemeister appears to have the most momentum, coming off a first-place finish in the Arkansas Derby on April 14. He also finished second in the San Felipe at Santa Anita Park last month.

Union Rags came in third at the Florida Derby on March 31.

The derby is one of sport's signature events and is steeped in tradition, from the singing of My Old Kentucky Home to start the race to the large bonnets worn by female spectators to the mint juleps. Post time is 5 p.m. EST May 5 and the race will be aired on NBC.

If last year's Kentucky Derby is any indication, this year's derby should be an amazing race. Last year, 21-1 longshot Animal Kingdom came out on top, but was unable to win horse racing's Triple Crown, which consists of the derby, the Preakness Stakes and the Belmont Stakes.

Here's a list of the 22 horses most likely to compete in the Kentucky Derby and their odds of winning at Churchill Downs, according to

Union Rags: 5 to 1

Bodemeister: 5 to 1

Gemologist: 7 to 1

Alpha: 10 to 1

Dullahan: 10 to 1

Creative Cause: 12 to 1

Hansen: 14 to 1

El Padrino: 16 to 1

Take Charge Indy: 16 to 1

Ill Have Another: 16 to 1

Daddy Nose Best: 20 to 1

Went The Day Well: 20 to 1

Mark Valeski: 25 to 1

Done Talking: 30 to 1

Sabercat: 35 to 1

Daddy Long Legs: 35 to 1

Liaison: 35 to 1

Rousing Sermon: 45 to 1

Prospective: 50 to 1

Isnt He Clever: 75 to 1

Optimizer: 85 to 1