There are high hopes for Novak Djokovic's return to the Australian Open. Upon news that the tennis star will be allowed to compete in the first Grand Slam event of 2023, Djokovic is the heavy favorite to win the tournament,

Novak Djokovic leads all players with +130 odds at FanDuel Sportsbook to win the 2023 Australian Open. The 21-time Grand Slam champion is well ahead of Carlos Alcaraz, whose +460 odds are the second-best. Daniil Medvedev is third with +500 odds to win next year's Australian Open.

A nine-time Australian Open champion, Djokovic wasn't eligible to play in last year's tournament because he wasn't vaccinated against COVID-19. Djokovic intended to go for his fourth straight Australian Open title. Instead, he had his visa revoked the day before the tournament started and was deported from the continent.

Australia's immigration minister has overturned a potential three-year ban on Djokovic. After beating Andrey Rublev at the ATP Finals Wednesday, Djokovic confirmed that he's been granted a visa to compete at the Australian Open.

In Djokovic's absence, Rafael Nadal defeated Medvedev in the 2022 Australian Open finals. The decision to keep Djokovic out of the tournament allowed Nadal to seize the record for most Grand Slam titles in history.

After winning the 2022 French Open, Nadal has 22 career Grand Slam championships.

Nadal is a distant fourth with +1200 odds to win the next Australian Open. Djokovic defeated Nadal in the 2019 finals. Nick Kyrgios also has +1200 Australian Open odds.

The 2023 Australian Open starts Jan. 16.

Tennis - ATP 500 - Dubai Tennis Championships - Novak Djokovic During Practice - Dubai Duty Free Tennis Stadium, Dubai, United Arab Emirates - February 20, 2022  Serbia's Novak Djokovic during practice
Tennis - ATP 500 - Dubai Tennis Championships - Novak Djokovic During Practice - Dubai Duty Free Tennis Stadium, Dubai, United Arab Emirates - February 20, 2022 Serbia's Novak Djokovic during practice Reuters / SUHAIB SALEM