The world number five launches his bid against South African Kevin Anderson in the early hours of Monday UK time after two weeks of preparation down under.
"I believe I can win it," Murray, 22, told BBC Scotland. "I just need to make sure I play my best tennis and not get too far ahead of myself."
Murray, the only player in the top five without a major title, is hoping to maintain the progress he made in Grand Slams last year, when he reached his first Wimbledon semi-final and the quarter-finals of the French Open for the first time.
He has yet to progress beyond the fourth round in Melbourne.
"I feel pretty relaxed mentally about it and physically I feel good," Murray said. "You never know when it's the right time, but I feel ready. My game is there and I think I've got a really good chance."
After skipping the Qatar Open this month, Britain's number one opted to prepare in Australia for a fortnight, which included playing alongside 15-year-old Laura Robson in the Hopman Cup in Perth.
Murray, 23 in May, believes he will be at his peak from 23 to 27 and will be playing his 17th Grand Slam event at Melbourne Park - the same stage as Federer when he won his first Slam.
To achieve his dream the Scot may have to beat Nadal in the quarters, Del Potro in the semis and Federer in the final, if the top seeds all progress to the last eight.
"I need to make sure I win my first match and get to the quarter-final for it to be a problem," Murray added ahead of his first ever clash with the 6ft 8in Anderson, ranked 147 in the world.
"If I lose in the third round it's no use if Nadal is in the quarters. I feel if I do get there I have a good chance against any of the guys."
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