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Switzerland's Roger Federer celebrates with the championship trophy at the 2017 Australian Open. Getty

Roger Federer and Rafael Nadal began 2017 in auspicious fashion, with Federer winning his fifth Australian Open, while Nadal overachieved by reaching the final for only the fourth time. Federer would also win Wimbledon, but Nadal would go on to convincingly win the French Open and also came away with a U.S. Open title.

Ahead of this year's Australian Open, oddsmakers list Federer with the top odds of taking home the Grand Slam at 2/1, according to Bet365.

A key factor for the 36-year-old's impressive odds is due to injuries to several top players. But the world No. 2 isn't convinced that he has anything wrapped up.

"Look, [top players] pulled out [of warm-up tournaments] maybe because they're not quite ready yet, or maybe because they need a couple more weeks," Federer said, acknowledging that players may be more fit in time for Melbourne.

Federer is followed by No. 12 Novak Djokovic, who has won the tournament six times but was eliminated in the second round in 2017. The Serb continues to battle elbow problems but is still a 9/2 favorite.

Djokovic is followed by Nadal, who is listed at 4/1 odds. The Spaniard is ranked No. 1 and will make his comeback from a nagging knee injury at an upcoming exhibition event in Melbourne.

There is a major drop off after the top three players. Alexander Zverev and Grigor Dimitrov are both 9/1 favorites.

Injury problems continue to plague Andy Murray, and it is quite possible he may skip the Australian Open. The Scot, who is currently a 12/1 favorite, announced on Facebook on Tuesday that he has pulled out of the Brisbane International due to a hip injury that may require surgery. Murray started 2017 as the top player in the world but has dropped to No. 16.

The Australian Open starts on Jan. 15.

Australian Open Odds

Roger Federer, 2/1

Novak Djokovic, 9/2

Rafael Nadal, 4/1

Alexander Zverev, 9/1

Grigor Dimitrov, 9/1

Andy Murray, 12/1

Juan Martin del Potro, 14/1

Stan Wawrinka, 20/1

David Goffin, 20/1

Milos Raonic, 28/1

Kei Nishikori, 40/1