Michael Phelps was the biggest star of the Beijing Summer Olympics four years ago. The American swimmer won a record eight gold medals in 2008 - giving him 14 career Olympic golds - and he’s aiming for more in London this summer.

Phelps heads into the 2012 summer games as the favorite in all but one of his four individual events. Oddsmakers have priced him at +125 for the 400-meter individual medley behind fellow American Ryan Lochte, who is going off as a -120 favorite. Lochte is listed at +100 for the 200-meter individual medley behind Phelps at -120.

“That’s made for television,” former U.S.A. swimmer and nine-time Olympic gold medalist Mark Spitz told reporters of the Phelps-Lochte rivalry. “I’m not a betting man, but if I were to place my bets I’d be betting on Michael Phelps.”

Phelps finished behind his rival in the 400-metre IM during the U.S. Olympic trials in Omaha last month, with Lochte posting a time of 4:07.06 and finishing a near body length ahead of Phelps, who hadn't tasted defeat in an Olympic trials final since July 13, 2004.

The butterfly events are known as Phelps’ favorites and he’s rightfully priced at -275 for the 100-meter butterfly and -500 for the 200-meter butterfly with the next swimmers on the board coming in around +500. Phelps withdrew from the 200-meter freestyle earlier this month, leaving Lochte as -110 favorite over Yannick Agnel of France (+250).

The two Americans are expected to be part of the U.S.A. relay teams in London as well. The United States is actually the second-overall favorite in the 4x100-meter freestyle at +225, behind Australia at -138. The Americans are the betting chalk for the 4x200-meter freestyle relay at -400 and the 4x100 medley relay at -200.

Odds provided courtesy of bet365.com.