Phelps Hunts First Gold

According to oddsmakers, Michael Phelps has a great shot at winning his first gold medal.

Phelps takes the pool Monday night for the semifinals in his third event, the 200-meter butterfly. The finals are scheduled for Tuesday night.

Also in the pool is Tyler Clary, the California swimmer who made waves early this month after publicly questioning Phelps' training regimen. The Baltimore Sun reports the two have reconciled.

Clary, 23, beat Phelps by less than a second in the the qualifying round. The two go into Monday seeded second and fifth in the event, respectively.

But Phelps is a 4-to-5 betting favorite for tonight's race, according to Oddschecker.com. Phelps owns the record for the 200m butterfly, set in 2001, and took gold in the event in the 2004 and 2008 Olympics.

Phelps is still in the hunt for his first gold of the London games. He made a strong showing in Sunday's 4x100 meter relay, but it wasn't enough to overcome a come-from-behind finish in the last leg by France, who took their first gold in the event, as the Chicago Tribune reported.

Catch a live stream of the race on NBCOlympics.com.