Andy Murray says he would love to play Roger Federer, Rafael Nadal and Novak Djokovic again before all of them retire, but only if he thinks he has a chance of winning – and he admits he is some way short of that level.

The former world No 1, whose comeback continues in Asia over the next few weeks, will return to singles grand-slam tennis at the Australian Open in January and, ranked 415 in the world while his hip heals, he could draw any of the big three.

He he has won 14 and lost 11 against the world No 3 Federer, is 7-17 against the No 2 Nadal and 11-25 against the No 1 Djokovic.

Kim Clijsters comes out of tennis retirement for a second time Read more

“I look forward to doing it if, physically, I am capable of competing with them,” he said in London on Thursday at the launch of the TRR collagen supplement he is using to help his joint and bone health eight months after hip surgery. “I don’t look forward to going on the court against one of those guys and not feeling like I have a chance of winning which, if I played them tomorrow, that’s how I would feel.

“When I practised with Novak in Australia at the beginning of this year, I found that hard, even though it was just practice. I felt terrible and I found that quite hard. If I’m able to compete against them and feel like I can win, even if it’s a really small chance, then I will enjoy that, for sure. But, not feeling like I can be competitive and getting pumped, I probably wouldn’t enjoy that.”

Meanwhile, the Scot admits he is torn between loyalty to Great Britain and his meticulous planning for a return to the big time.

The major choice he must make is whether to play at the new-format Davis Cup finals in Madrid in November – and in singles (his preference) or doubles. Murray, as ever, was central to national fortunes when Great Britain beat Belgium to win the competition in 2015.

“If Leon [Smith, the team captain] asked me to play doubles, I’d do it” he said. “[But] I’d want to be playing singles, obviously, given that’s what I’m training and practising for now. I enjoy dealing with all the guys and the team environment. I’m curious to experience the new format. Although there were flaws in the other format, I really enjoyed a lot of the matches, some of the best atmospheres that I would have played in.”

Murray has until 5pm on Friday to make himself available for Great Britain for the new ATP Cup in Australia from 3 to 12 January, knowing his participation would guarantee they were one of the 24 finalists, but could compromise his preparation for a return to the Australian Open, which starts two days after the final.

“If I use my protected [ranking], I will play as the number one [British] player,” he said. “But the Australian Open would be the priority for me. I don’t want to go there and not play any matches [before the Open].”

His dilemma is that the other British players in contention – Kyle Edmund (32 in the world), Dan Evans (48) and Cameron Norrie (67) – might not be high enough in the rankings to ensure Great Britain qualify, although there is a second deadline to make the cut, 13 November.

“If I am just looking out for myself, I enter now, play as the number one player and I guarantee myself to play three matches, then that is great,” he said. “But that is not how team competitions work. You should look out for what is best for the team and how you are going to win. I have spoken to a few of the British players, and I said if I am not going to play then I won’t go. I don’t know if there is a way: maybe if everyone could all agree to play two singles each, which would mean we are guaranteed matches.”