Defending champion Ding Liren says his Indian challenger D Gukesh can be considered the favourite to win their eagerly-anticipated World Championship title showdown in November, conceding that he has "dropped a lot" in the last one year.

The two are currently competing in the 45th Chess Olympiad here and the Indian team has been on a roll with five consecutive victories.

The quartet of Gukesh, R. Praggnanandhaa, Vidit Gujrathi and Arjun Erigaisi currently occupy the top spot alongside Liren's China and hosts Hungary.

"I can see my opponent (Gukesh) playing extremely well in this tournament. Maybe he is a favourite in the World Championship match. He also has a higher rating than me," Liren said in an interaction with the International Chess Federation (Fide) in the tournament's mixed zone.

"I have dropped a lot since last year, but I will fight my best to try to overcome the rating difference," he added in a rather candid admission.

The 31-year-old is the highest-rated chess player of all time and won the world crown in May last year after defeating Russian GM Ian Nepomniachtchi.

He took a break from the game after that, owing to his battle with depression. Liren returned to action earlier this year at the Tata Steel Chess Tournament, finishing ninth in the event.

Gukesh won the Candidates tournament in April to become the youngest challenger to the world title at the age of 17. He turned 18 in May. The two will clash in Singapore from November 20 to December 15 for the coveted title and a prize fund of $2.50 million.

Should the teenager prevail, it would make him the first Indian after the great Viswanathan Anand to claim the title. Anand won the crown five times.

Gukesh has been mostly guarded about his plans for the World Championship and here too, when he was asked about the match against Liren, the Indian chose to keep his cards close to his chest. "...this is an important tournament. I am looking forward to playing some good chess. My focus right now is Olympiad," he said.