Update: Kim Yu-na of South Korea wins gold in Olympic women's figure skating.

Japan's Mao Asada will compete for the Olympic gold medal in figure skating against main rival from South Korea Kim Yuna Thursday evening in Vancouver.

Millions of viewers from both nations are expected to tune in for the ice battle, scheduled to start at 8:00 p.m. EST.

Both competitors, 19, skated the two highest scoring short programs in Olympic history on Tuesday night. Kim is in first place with 78.50 points - her best and an all-time best for the new scoring system- while Asada is second with 73.78 points.

With Kim's 4.72-point advantage, she is a favorite to win the gold medal. She may win even if she makes a big mistake during her long program.

Yet, Asada could make up the shortfall with a more difficult routine as she has two triple-axle jumps planned for her long program, Reuters reports.

The skaters are scheduled to take to the ice in the final group of six, this time with Kim skating prior to Asada.

In third place is Canadian Joannie Rochette who skated an emotional performance Tuesday, a few days after the sudden death of her mother.

Miki Ando from Japan is in fourth place and U.S. skater Rachael Flatt is in fifth.

Rochette, Ando and Flatt are also scheduled to skate in the last group tonight.