When and Where: The 2012 Masters Par 3 Contests gets underway at 12.30 p.m. ET on Wednesday. Live streaming coverage can be viewed from 3 p.m. ET at Masters.com, as well as via ESPN3.

Preview: With the 76th Masters almost upon us, many of the players in the field will take part in the annual Par 3 Contest at Augusta National on Wednesday.

The light-hearted competition not only features competitors from this year's Masters, but also non-competing past champions as well as honorary invitees.

The contest is played over nine holes with the course measuring in at 1,060 yards, according to Masters.com.

The famous stat that is habitually trotted out before the Masters every year is that the winner of the Par 3 Contest has never gone on to pull on the famed Green Jacket the following Sunday.

Perhaps in part because of that, last year's Par 3 Contest winner Luke Donald has elected not to participate in the tradition this year.

Although the British, world No. 1, claimed that his reasons for skipping the contest were more practical.

Playing on greens that are not quite the same the afternoon before the first round doesn't seem the best preparation for me, Donald said, according to BBC Sport.

Tomorrow I'll go play nine holes [on the tournament course]. It will be a relaxed day, get in some good practice and just be ready for Thursday.

The Par 3 Contest is expected to get underway on time, despite overnight storms causing a delay in the opening of the gates on Wednesday morning.

The star-studded field have already been getting to grips with the Augusta course during practice rounds this week.

Tiger Woods has been tipped by many pundits as favorite for the Green Jacket after winning the Arnold Palmer Invitational at Bay Hill just over a week ago. However, as Woods seeks for his first Masters victory since 2005, he could well face a strong challenge from Rory Mcllroy. The Northern Irishman led the tournament last year before capitulating on the final day, but has since gone on to show his potential by claiming his first major at the US Open.