Djokovic must reverse a run of five straight defeats to world No.2 Jannik Sinner to end the Italian's two-year title reign at Melbourne Park on Friday night.
He was crushed by Sinner in last year's French Open and Wimbledon semi-finals and has not won a set against the four-time major champ since a last-four loss at the 2024 Australian Open.
"He's just playing on such a high level right now," Djokovic said ahead of his mind-blowing 55th grand slam semi-final and 13th in Australia.
"Along with Carlos (Alcaraz), they're the two best players in the world.
"He's the absolute favourite, but you never know. Hopefully I can deliver my A-game because that's what's going to be needed at least to have a chance."
After enjoying a fourth-round walkover against injured Czech Jakub Mensik, Djokovic admitted he felt "on the way home" before Italian fifth seed Lorenzo Musetti quit with an adductor muscle strain while leading the Serb two sets to love in the quarter-finals on Wednesday.
The 38-year-old must surely be the first man to make the last four of a slam having not won a set in his two previous rounds.
Djokovic knows he's had a charmed run, some blessed fortune he probably needs while pursuing grand slam No.25 at almost 39 years of age.
But he bristled when asked if he felt like he was playing catch-up against Sinner and Alcaraz, the two dominant forces in tennis these days.
"I find it a little bit disrespectful," Djokovic said.
"There's probably about a 15-year period in between where I was dominating the grand slams. So it's important to put that in prospective. I don't feel like I'm chasing, to be honest.
"Roger (Federer) and Rafa (Nadal) will always be my greatest rivals. I have tremendous respect for what Jannik and Carlos are doing and they continue to do and they will do for the next 10 to 15, 20 years.
"God knows how many years they're going to play. They're so young.
"This is a kind of natural cycle in sports. You're going to have another two superstars that are going to maybe have another third guy that I'm going to cheer for, because I've always been the third guy at the beginning.
"But it's good for our sport. These kind of rivalries and the contrast of the personalities and the styles of play are very good for tennis.
"How is that affecting me? As I said, I don't feel like I'm chasing. I'm creating my own history."
Sinner, though, has only respect for his superstar rival and refuses to underestimate the 10-time Melbourne Park king.
"It's great to have Novak playing this still very, very high level,'' he said.
"It's a grand slam, it's always very difficult against Novak. Let's see what's coming.
"The level he's still playing, he is, I think, the most professional athlete we have here in the locker room.
"The way he's moving, if you are not professional, you don't play at this level.
"He's an inspiration for all of us, and especially the young players."
Unless German third seed Alexander Zverev can topple the top-ranked Alcaraz in Friday's other semi-final, Sinner or Djokovic will play the super Spaniard for the title on Sunday night.
2-JANNIK SINNER (ITA) leads 4-NOVAK DJOKOVIC (SRB) 6-4
2025 Wimbledon, grass, SF, Sinner 6-3 6-3 6-4
2025 French Open, clay, SF, Sinner 6-4 7-5 7-6 (7-3)
2024 Shanghai Masters, hard, F, Sinner 7-6 (7-4) 6-3
2024 Australian Open, hard, SF, Sinner 6-1 6-2 6-7 (6-8) 6-3
2024 Davis Cup, hard, SF, Sinner 6-2 2-6 7-5
2023 ATP Finals, hard, F, Djokovic 6-3 6-3
2023 ATP Finals, hard, RR, Sinner 7-5 6-7 (5-7) 7-6 (7-2)
2023 Wimbledon, grass, SF, Djokovic 6-3 6-4 7-6 (7-4)
2022 Wimbledon, grass, QF, Djokovic 5-7 2-6 6-3 6-2 6-2
2021 Monte Carlo Masters, clay, R32, Djokovic 6-4 6-2
