Roger Federer won his fifth Australian Open in 2017. Getty

The Australian Open, the first Grand Slam of the year, is set to get underway on Jan. 15, with the men's singles title match set for Jan. 28. Rafael Nadal and Roger Federer, ranked No. 1 and No. 2, respectively, have a strong shot of reaching the final after the two legends met in the 2017 final.

Federer, who won last year's final in five sets, has 2/1 odds of winning the title, according to OddsChecker. The Swiss star has won the tournament five times.

Nadal has the second-best odds at 11/2. His only Australian Open title came in 2009, but he has was a finalist three other times. The Spaniard has been bothered by knee issues and withdrew from the ATP Finals in November.

On Tuesday, Nadal lost to Richard Gasquet 6-4 7-5 at the Kooyong Classic in Melbourne. He did not express any problems with his knee.

There is more depth on the women's side. Garbine Muguruza and Karolina Pliskova both have 8/1 odds. They are followed by world No. 1 Simona Halep, who is listed at 83/10. Elina Svitolina is listed at 10/1, while No. 2 Caroline Wozniacki has 11/1 odds.

The defending champion, Serena Williams, will not be competing in the tournament after giving birth to a girl in September. Williams, 36, was defeated by Jelena Ostapenko in three sets in a Dec. 30 exhibition match.

This first Australian Open was held in 1905. Williams has won the Australian Open seven times, more than anyone since 1969. Novak Djokovic has the most men's titles since 1969, with six wins.