Teammates Michael Phelps and Ryan Lochte will go head-to-head one final time at the 2012 Olympics.

The two swimmers are set to compete in the men's 200m individual medley. They faced off on Saturday in the 400m individual medley, in which Lochte bested his USA teammate. He won the gold, while Phelps finished the race in fourth place.

This time Phelps looks to get the best of Lochte, who holds the world record with a time of 1:54.00

"We love racing each other," Phelps said. "Neither one of us likes to lose. I'd like to say we bring out the best in each other."

Phelps is the most successful Olympian of all-time, earning 19 total medals and 15 golds in his career. Despite his accomplishments, Lochte is a heavy favorite to finish in first. The online betting Web site Bovada puts his odds at 1/3, with Phelps behind him at 15/8.

In Wednesday's semifinals, Lochte came in first, just ahead of his teammate, with a time of 1:56.13. Phelps came in second at 1:57.11.

The medley is scheduled to begin at 3:19 p.m. ET. in London. The race won't be shown until primetime on NBC in the U.S. If you want to watch the event live, click here for a free online live stream of the race.

Phelps took home the gold in this event in both 2004 and 2008.

One of the two Americans is expected to take home the gold, but there will also be six other competitors in the race. Hungaray's Laszlo Cseh and Brazil's Thiago Pereira probably have the best chance of pulling off the upset. James Goddard will represent Great Britain and try to win for the host country.

Lochte and Phelps have teamed up twice in 2012. They won the silver in the 4x100 freestyle relay and came in first in the 4x200 freestyle relay.