Arch-rival Maria Sharapova is again expected to be the American's main challenger, with injuries marring the preparation of other leading hopefuls including Simona Halep, Caroline Wozniacki and Victoria Azarenka.
Melbourne Park has been a happy hunting ground for Williams, who claimed five of her 18 career majors at the venue -- the first way back in 2003.
But the 33-year-old's most recent success Down Under was in 2010 and her erratic form in this month's Hopman Cup raised fears she faces a failure similar to last year, when she crashed out in the fourth round.
"I feel like I'm getting back into the groove... I'm getting there," she said.
Williams held on to the top ranking for the entire 2014 season, ending the year with a flourish to take the US Open and the WTA Tour Championship.
Another Australian title would take her to clear second on the all-time Grand Slam winners list behind Steffi Graf's 22, having joined Chris Evert and Martina Navratilova on 18 with her win at Flushing Meadows.
World number two Sharapova scoffed at suggestions Williams was past her best.
"You can't say someone is on the edge of the cliff when they are number one in the world," the Russian said. "She still came through and finished the season strong.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
