The first Slam of the year is here! For the next fortnight all eyes are on Melbourne as the tennis world's top stars battle it out to win the Australian Open trophy.

Will it be plain sailing for the defending champions or could an upset be on the cards? Sports Mole takes a look at the runners and riders according to the latest Australian Open betting odds.

Djokovic's to lose

There's no denying that Novak Djokovic is the man to beat. The world number one is the defending champion and has won four of the last five tournaments and this year is eyeing a record as he seeks to become the first man ever to claim the title six times.

The bookies are right behind him, with odds as strong as 11/10 on the big Serbian lifting the trophy at the end of the fortnight.

Andy's time to shine?

Forever the bridesmaid, Andy Murray has reached the final four times but never tasted victory in Melbourne, most recently losing out to Djokovic in their 2015 match-up. But could this be Andy's year to go one step further? He's currently second favourite with the bookies, with odds of around 11/2.

Never count out Roger Federer, however. At 34, his playing years are numbered but the world number three will be gunning for his fifth Aussie Open title - and first in six years - in Melbourne, with odds of 9/1 to go all the way.

The dark horses

With tennis, anything can happen and with a number of players knocking on the door of the top four, nothing can be ruled out in the next fortnight. Japanese number one Kei Nishikori could be a good bet for his first Slam, with odds around 20/1, while 2014 winner Stanislas Wawrinka could be a canny punt at 14/1.

Seventh heaven for Serena?

Over in the women's draw, defending champion Serena Williams will be gunning for a record seventh victory at the tournament in the Open era. The impressive form of the world number one makes her clear favourite with the bookies, with odds of around 9/4, while the woman she defeated in last year's final, Garbine Muguruza, is considered an outsider at 18/1.

Maria Sharapova, who has won once and finished runner-up four times, looks to be Serena's closest rival this year and is available at odds of around 8/1.