That will likely come Sunday in the 4x100-meter freestyle relay, a title the Americans are looking to reclaim after getting chased down by the French in 2012.
Phelps' expected debut would be one of the highlights on the second day of swimming at the Rio Games, though he'd have to share the spotlight with Katie Ledecky.
She'll be looking for the first of an expected three individual gold medals, going in as a heavy favorite in the 400 freestyle. The only suspense seems to be whether she'll break her own world record.
Phelps, the most decorated athlete in Olympic history, wants to do his part for the men's relay team.
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"That's something I've had the privilege to be a part of since 2004, and I'm hoping to have the opportunity again," Phelps said. "It's always super-fast and there are always some wild, crazy splits that take place."
In 2008, the Americans memorably defeated the French when Jason Lezak chased down Alain Bernard with the fastest 100 split in history, a victory that kept Phelps on course to win a record eight gold medals in Beijing.
The Australians also figure to be in the mix, especially riding the momentum of an impressive opening night at the pool. They captured two gold medals, also taking the men's 400 free when Mack Horton held off defending Olympic champion Sun Yang of China, doubling up on the one gold medal they managed during their disappointing performance at the 2012 London Games.
Phelps has been part of the 4x100 free relay at the last
three Olympics, even though the 100 free has never been one of his individual specialties.
"I do know that the coaching staff will put out the four fastest guys, whoever that is," Phelps said coyly. "I'm looking forward to either watching or being in that race."
Also on tap for the second day of swimming: finals in the women's 100 butterfly and men's 100 breaststroke.