The 2014 Formula One season is primed as the most likely year for Sebastian Vettel's four-year reign as world champion to end.

Vettel has been the undisputed king of the track, picking up every drivers' championship going since 2010.

But ahead of the season-opening Melbourne Grand Prix, 2014 looks set to be the year of Red Bull's dethroning, with a rampant Mercedes team the favourite to win the lot this year.

The Mercedes team has bristled at Red Bull boss Christian Horner's declaration that the Mercs are favourites heading into the new season, with driver Lewis Hamilton playing it down as nothing more than mind-games.

But while preseason testing is a notoriously tricky gauge of future expectations, Mercedes' new W05 car looks to be streets ahead of the competition this year.

Hamilton, who set the fastest trial time on the final day of preseason testing in Bahrain, has warned the rest of the field that there is still "more to come" from the W05.

A decade of Australian GP winners 2013: Kimi Raikkonen (Lotus)

2013: Kimi Raikkonen (Lotus) 2012: Jenson Button (McLaren)

2012: Jenson Button (McLaren) 2011: Sebastian Vettel (Red Bull)

2011: Sebastian Vettel (Red Bull) 2010: Jenson Button (McLaren)

2010: Jenson Button (McLaren) 2009: Jenson Button (Brawn)

2009: Jenson Button (Brawn) 2008: Lewis Hamilton (McLaren)

2008: Lewis Hamilton (McLaren) 2007: Kimi Raikkonen (Ferrari)

2007: Kimi Raikkonen (Ferrari) 2006: Fernando Alonso (Renault)

2006: Fernando Alonso (Renault) 2005: Ciancarlo Fisichella (Renault)

2005: Ciancarlo Fisichella (Renault) 2004: Michael Schumacher (Ferrari)

The Stevenage-born 2008 drivers' champion may be Mercedes' poster boy, but he faces a potentially fierce battle with German team-mate Nico Rosberg, who claimed three wins to Hamilton's one in the 2013 season.

While Mercedes may prove to have 2014's best vehicle, the best pair of drivers may be clad in Italian red, with Ferrari snapping up 2007 drivers' champion Kimi Raikkonen from Lotus.

The Finn joins two-time champion Fernando Alonso in a fiercely competitive team. It is the first time since 1954 that Ferrari have fielded two world champions in the same team.

Reigning constructors' champions Red Bull have had their share of preseason struggles, and have had to replace Australian favourite Mark Webber (retired from Formula One) with hotshot compatriot Daniel Ricciardo.

Ricciardo's arrival should ease the tense rivalry experienced between Vettel and Webber over the years, with the young Australian recruited as an understudy with plenty still to prove.

The drivers: Red Bull

Sebastian Vettel

Sebastian Vettel ( AFP: Mohammed Al-Shaikh )

Four consecutive drivers' championships means Sebastian Vettel has little more to prove in the Formula One world.

But this season will see him grappling with regulation changes which have altered his all-conquering car, prompting a preseason of struggle.

Electrical issues and engine problems dogged Red Bull's testing in Bahrain and Jerez, but while that could spell a struggle in the first few races, expect Vettel to come roaring back with a vengeance later in the season.

While his phosphorous relationship with Mark Webber - which reached its nadir in Malaysia last year - saw his popularity in Australia plumb new depths, his ability as a driver remains top-notch.

His epic comeback from last on the grid in Abu Dhabi in 2012 to finish third proved crucial to securing the drivers' title that year.

While we probably will not see the nine straight wins Vettel pulled out to emphatically close out last season, expect Vettel to scrap hard to defend his title in an unfamiliar car.

Daniel Ricciardo

Daniel Ricciardo ( Getty Images: Brendon Thorne )

All Australian eyes will be on Daniel Ricciardo this year as he looks to step out of Mark Webber's shadow, and straight into the shade of Vettel's talents.

Ricciardo does not yet have a career podium finish to his name, but upgrading from a Toro Rosso car to Red Bull's flyer should see him scorch into the limelight sooner rather than later.

Even with Toro Rosso, Ricciardo's speed on the track has never been questioned. What will be in focus will be how he handles the constant scrutiny from his quadruple world champion team-mate.

But one man who has full faith in the 24-year-old is compatriot Webber, the driver that Ricciardo replaced.

"He's got a very level head, he's mature and he's going to learn a lot of things this year which he'll put in the computer for future years, and that'll help him be a very handy grand prix driver," Webber said of Ricciardo.

"I believe he'll win grands prix this year, which will be a very big confidence boost for him."

Mercedes

Lewis Hamilton

Lewis Hamilton ( Getty Images: Ker Robertson )

Lewis Hamilton's 2014 chances will rest entirely on discipline and willingness to adapt to the season's new regulations.

While no-one is quicker than Hamilton, he saw team-mate Nico Rosberg claim more wins than him in 2013 as the German adapted better to his mechanical team and radio commands.

With the sport's new fuel-economy rules set to become the decisive element in this year's campaign, Hamilton should excel compared to previous years' tyre regime which frustrated the lightning-quick driver.

Only having to worry about fuel efficiency will give the Brit one less thing to worry about, having previously lost out to well-rounded, thinking drivers. This time, Hamilton plans to finish the year on top, ending Red Bull's dominance.

"This is the year you need to watch because this is such a new year. So much is changing," Hamilton said.

"So it's really going to be the most exciting year for any fan who is currently watching or who wants to start watching."

Nico Rosberg

Nico Rosberg ( AFP: Jorge Guerrero )

Nico Rosberg shapes as a serious dark horse in the 2014 campaign, having clocked up two wins for Mercedes last year.

Like his team-mate, testing was a relative breeze for Rosberg, apart from the opening day in Bahrain when he sat out the day's running due to a precautionary engine change.

But having claimed a win in Monaco from pole position as well as the British Grand Prix at Silverstone in 2013, Rosberg can rightly believe he has as much claim to a drivers' championship this year as his team-mate.

He has already been tipped to top the standings by F1 supremo Bernie Ecclestone, and Rosberg believes his team is in with a serious chance of upsetting Red Bull's apple cart.

"It is obvious that Red Bull and Renault have problems with their new powertrain, so perhaps we have done our homework a little better," Rosberg said.

"How we really compare to the competition, we do not know yet. We are in a good mood and this season will win a lot of races."

Ferrari

Fernando Alonso

Fernando Alonso ( Mark Thompson: Getty Images )

One of the most popular drivers on the circuit, Fernando Alonso finds himself paired with a big fish in his own garage, arguably for the first time since he and Lewis Hamilton were together as McLaren drivers in 2007.

Now he will have 2007 world champion Kimi Raikkonen breathing down his neck, and both Alonso and Ferrari will have to adapt to the new hierarchy.

Ferrari has had a clear number-one driver since 1995, but now Alonso will have to battle opponents inside and outside his team.

Alonso completed the second-most mileage in preseason, but he expects the steep learning curve for drivers nutting out the new regulations to take its toll in Melbourne.

"A few more days would have been useful given how much has changed for this season," Alonso said.

"With every lap of testing we learned something and improved pretty much constantly. I think that will still be the case in Australia, especially on the first day and then actually in the first few races."

Kimi Raikkonen

Kimi Raikkonen ( Getty Images: Ker Robertson )

The defending Australian Grand Prix champion, Raikkonen lived up to his billing as one of Formula One's most consistent drivers with a brilliant win in Melbourne to open last year's campaign.

It was not to be as Sebastian Vettel went on to dominate 2013, but Raikkonen's arrival at his old team Ferrari signals a chance for one last grab at the title.

The 34-year-old made a brilliant Formula One comeback with Lotus, finishing third in the 2012 drivers' championship (having won just one race) and a credible fifth overall last year.

But while he now has all the tools at his disposal for a title tilt with Ferrari, he admits he has yet to find a "good feeling" after rejoining the Italian team.

"I think they have improved [the car] a lot since we started, but there are always places to improve," the Finn said during preseason.

"It is more about getting what I feel I like and what I feel I need, but it is difficult to know sometimes and following the rules makes it a bit more tricky to find the right things."

Melbourne Grand Prix: Mercedes to lap the field twice?

While the Australian Grand Prix remains a highly popular event, its future remains clouded. ( Getty Images: Clive Mason )

It might be mind games, but Red Bull chief Christian Horner reckons Mercedes could win 2014's first grand prix by two clear laps.

Such has been Mercedes' dominance in preseason testing, Horner has snidely suggested the likes of Hamilton and Rosberg could lap the chasing pack, twice.

"You could well see more of it (domination)," Horner told reporters.

"Perhaps not from us, but from Mercedes. If they were to finish two laps ahead of the opposition in Melbourne, that wouldn't be a surprise, based on what we've seen in preseason testing.

Controversy surrounds Melbourne GP A cloud remains over the future of the Melbourne Grand Prix, as negotiations with Formula One continue amid Bernie Ecclestone's ongoing bribery trial.

Watch the 7.30 story here.

"It's massive. What we know about Lewis is that he is extremely talented and naturally fast. And he's in a good team, so he's probably got to be the favourite going into the season."

Bold assertions aside, the Melbourne Grand Prix remains one of the most anticipated events on the sporting calendar due to its wide open field and near-impossibility to predict.

While Bernie Ecclestone's trial on bribery charges and negotiations over the grand prix's future persist, the popularity of the event remains unquestioned with over 300,000 attending the race weekend in 2013.

The course stretches for 5.3km around Albert Park's central lake and features a number of signature key corners. The track is also unique for not featuring a single hairpin in its layout.

High temperatures are forecast for Friday practice and Saturday's qualifying. A cool change is anticipated for race day, with some early morning rain expected.

Teams should be ready for the hotter Australian climes this year, with the bulk of preseason having been spent in the Bahrain heat.

Technical and sporting regulation changes for 2014

Sebastian Vettel has a job on his hands to defend his crown after major regulation changes were introduced. ( AFP: William West )

New F1 regulations New engine formula, replacing V8 configuration with 1.6L V6

New engine formula, replacing V8 configuration with 1.6L V6 Fuel to be flow-restricted to 100kg/h above 10,500rpm

Fuel to be flow-restricted to 100kg/h above 10,500rpm KERS to be incorporated into engine design

KERS to be incorporated into engine design Teams must nominate eight gear ratios ahead of season

Teams must nominate eight gear ratios ahead of season One gear ratio change permitted per season, penalties for subsequent changes

One gear ratio change permitted per season, penalties for subsequent changes Teams allowed to use electronic braking devices

Teams allowed to use electronic braking devices Minimum car weight increased from 642kg to 691kg

Minimum car weight increased from 642kg to 691kg False camera mountings banned

False camera mountings banned Double points on offer for final race of the season

Double points on offer for final race of the season 'Penalty points' system introduced for driver offences

'Penalty points' system introduced for driver offences Drivers can only use five engines over course of season

The 2014 season will see the introduction of a new engine formula, as turbocharged engines make a return to the sport for the first time since 1988.

The Kinetic Energy Recovery System (KERS) will also be incorporated into the design of the new 1.6 litre V6 engines, while teams will now be permitted to use electronic braking devices due to the increased difficulty in regulating brake bias.

Fuel will be restricted to 100kg/h above 10,500rpm, in an effort to promote fuel efficiency, and drivers must be able to return to the pits under their own power after the chequered flag. This is to prevent drivers from pulling over to preserve their mandatory fuel sample required for post-race testing.

Teams must also nominate eight gear ratios ahead of the Melbourne Grand Prix, with these eight ratios being used at every race this season. Teams will be given one opportunity to change their ratios during the season, but any further changes will cop grid penalties.

Mid-season testing will also return to the schedule in 2014, while driving offences will now carry a pre-determined points value. These points will be tallied up over the season, with drivers copping suspensions if they accumulate 12 penalty points.

Drivers will only be able to use five engines over the course of the season, down from eight last year.

The FIA has also passed a resolution allowing it to change tyre specifications with immediate effect if the need arises, following last year's numerous tyre blow-outs.

Controversially, double points will be on offer for the final race of the season, in an effort from organisers to ensure the championship goes down to the wire.

The "pole trophy" has also been introduced for the driver who qualifies on pole for the most races.

Calendar changes

Formula One will travel to Russia for the first time ever, with drivers set for a street-circuit battle around the Olympic park in Sochi.

Thanks to an agreement between Bernie Ecclestone and Red Bull, the Austrian Grand Prix will make a return to the calendar this year following a decade-long absence. The A-1 Ring, as it was known in 2003, has since been rebranded to the "Red Bull Ring".

The Korean and Mexican grands prix have been dropped from the calendar, while the Indian Grand Prix will also not be held in 2014. Indian organisers wanted the race hosted earlier in the season, but F1 chiefs feared they could not schedule races so close together in April.

As a result, the Indian Grand Prix will return in 2015 in its intended April slot.

Drivers' approximate preseason km Driver Jerez Bahrain 1 Bahrain 2 Total 1. Nico Rosberg (Mercedes) 833 942 1039 2813 2. Fernando Alonso (Ferrari) 766 871 1061 2698 3. Kevin Magnussen (McLaren) 717 687 1066 2471 4. Valterri Bottas (Williams) 186 925 1277 2389 5. Lewis Hamilton (Mercedes) 536 763 861 2159 6. Esteban Gutierrez (Sauber) 266 817 1039 2122 7. Felipe Massa (Williams) 589 352 1093 2034 8. Adrian Sutil (Sauber) 456 482 980 1917 9. Nico Hulkenberg (Force India) 75 741 1023 1840 10. Kimi Raikkonen (Ferrari) 345 682 763 1790 11. Sergio Perez (Force India) 213 411 1153 1777 12. Jenson Button (McLaren) 368 915 400 1683 13. Marcus Ericcson (Caterham) 53 552 931 1536