With Nadal and Federer now entrenched as top seeds, Djokovic, a six-time champion here, has the chance to prove spoiler in his first tournament since an elbow injury forced him out of Wimbledon.
However, the real challenge could be Marin Cilic in the quarterfinal round (again, presuming chalk).
None of the top three in the betting - Svitolina, Simona Halep [9.8], Karolina Pliskova [10.0] - have ever won a Slam, although all are playing well at the moment.
It is those who have failed to make the trip Down Under - or those who have limped here carrying injuries - who are causing a stir and, as a result, both draws are supposed to be there for the taking by any young hopeful with a bit of a courage and a hefty forehand. He's been out injured since Wimbledon but the fact that's he's won here six times, including his first Slam back in 2008, means he cannot be ignored.
There is also the question of the sport's ability to police itself credibly, which will soon be back in the spotlight with the lengthy and costly Independent Review of Integrity, created to investigate potential match fixing and corruption, expected to recommend this year that the game combine its anti-doping and anti-corruption organizations into a single independent entity.
But, after beating Thiem 6-1 6-4 at the Kooyong Classic, Djokovic declared himself happy.
Another Australian who has enjoyed a strong build-up to the year's first Grand Slam is Ashleigh Barty. He withdrew from the 2017 ATP Finals in London due to a right knee injury.
"He's a great guy - he's going through the things, whatever he needs to go through". I'm happy with the way it went today.
"The US Open last summer was great for me - I learned a lot from that", Anderson said. I'll sleep, eat and train and not do too much.
"So (it was) a huge surprise, especially after the six months I had off, and what a comeback it was and it was definitely the highlight of the year". Kokkinakis is a good player too.
Players will also be able to claim 50 percent of their prize money if they pull out before their first match, an incentive designed to allow a replacement to play instead.
Third-seeded Muguruza is in a difficult quarter containing former Australian Open champions Maria Sharapova and Angelique Kerber, and U.S. Open finalist Madison Keys.
After that, John Isner (16) or Diego Schwartzman (24) could meet the Spaniard in the round of 16.
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