The torch has been passed. Rafael Nadal is the new No. 1 player in men’s tennis, and he’s the favorite at 11-8 to win the 2008 U.S. Open. Roger Federer, the four-time defending champion, was 13-8 at press time. The closest competition is third seed Novak Djokovic, who checks in at 5-1.

The women’s draw at Flushing Meadows is another story. World’s No. 1 Ana Ivanovic was dumped in the second round by No. 188-ranked Julie Coin of France. She wasn’t the only top seed to falter in the early rounds; No. 4-ranked Svetlana Kuznetsova was bounced on Day 5 by No. 28 Katarina Srebotnik.

Unfortunately, we won’t see the Williams sisters in the final. Instead, Serena and Venus were matched up in Wednesday’s quarterfinal, with Serena prevailing 7-6, 7-6 as a  –150 chalk. She’ll play Dinara Safina in the semis; Serena was the 9-4 favorite to win the women’s draw heading into the quarterfinal round, while Safina was 5-1.

He came close to losing out big time, but Roger Federer is back and just in time to face his No. 1 clay court rival: Rafael Nadal.

Rafael Nadal, who has been playing some of the best tennis of his career in Monte Carlo this past week, goes head-to-head against Federer in the Monte Carlo final for the third year in a row on Sunday. If he wins, it’ll be Nadal’s fourth successive title at Europe’s opening ATP Masters Series event.

Nadal leads 8-6 in all meetings against Federer and is 6-1 ahead in their matches on clay. Read more about the Federer-Nadal rivalry here; and get all your tennis odds at the Bodog Sportsbook (where Nadal is the -250 to win).

“Where the world comes to play” is the message of the Australian Open 2008. In the tournaments 103 year history it will be host to the strongest field ever. Participating will be all of the 100 top ranked men and 99 of the top women.

Roger Federer, the three time champion will be heading the men’s draw while top-ranked Justine Henin and Australian Open’s 2004 champion will be the women’s number 1 seed.

“At this stage, it’s the strongest field in the event’s history and we’re sure this will equate to one of the most exciting tournaments yet,” said Craig Tiley, the Australian Open tournament director.

The men’s field will be completed by 16 qualifiers and eight wild cards, while the women’s field has 12 qualifiers and eight wild cards.

The Australian Open will be making some changes as well. Organizers have designed a spectacular new surface and a trademarked “Australian Open True Blue” court color at the Rod Laver Arena. This will ensure greater visibility for players, spectators, officials and TV viewers alike.

As the first Grand Slam tournament of 2008, its going to offer $20.6 million in prize money, with the men’s and woman’s singles winners each collecting $1.37 million – seven per cent up from last year.