However, despite his win over Novak Djokovic at the recent season ending ATP World Tour Finals, he has not earned outright favouritism with the betting agencies, sitting at $2.50 with the Djoker on the first line at CrownBet.
Punters will get great value on any other player to win the title, with daylight between Djokovic, Murray and the rest of the field.
Following an impressive second half of the year after an injury interrupted two seasons, Juan Martin del Potro is third favourite for the Australian Open, paying $15.00, a whopping $12.50 more than first and second.
Canadian Milos Raonic and Switzerland’s Stan Wawrinka are at $17.00, while Roger Federer ($21.00) finds himself at his longest odds for the Australian Open for some time, following a length lay off with injury at the end of 2016.
Nick Kygrios is the best placed of the Aussies on the men’s side, at $34.00, while Bernard Tomic is paying $81.00.
Meanwhile, Serena Williams is odds on favourite to take out her 23rd Grand Slam, at $3.00, while Angelique Kerber is second favourite at $5.00.
It’s slim pickings for the Aussies, with Sam Stosur the first Australian to rate a mention, paying a whopping $151.00.
The likes of Simona Halep ($11), Agnieszka Radwanska ($34) and Eugenie Bouchard ($67) provide some good value options.
The Australian Open begins on Monday, January 16 and runs until Sunday, January 29.