Alcaraz, ranked No.1 in the world, is within sight of becoming the youngest man to complete a career grand slam - the feat of winning all four majors - in the open era.
Melbourne Park presents the final frontier for the 22-year-old Spanish star, who claimed the French and US Opens last year to take his tally of major titles to six.
Sinner presents as one of the biggest obstacles on the path to Open glory for Alcaraz, who faces Australia's world No.79 Adam Walton in the first round.
"This is my main goal for the year. It's the first tournament, the main goal," Alcaraz said.
"It's going to be really interesting for me how I prepared, which I think I just made a really good pre-season, just to be in good shape.
"I'm just hungry for the title, hungry to do a really good result here."
Alcaraz reached the Open quarter-finals for the second time last year, when he was beaten by 10-time champion Novak Djokovic.
The Spaniard, who has never reached the last four, has previously said he would trade two major titles for the elusive crown in Melbourne this year.
But three might be a stretch, despite his desperation to secure the missing piece from his glittering trophy cabinet.
"Obviously complete the career grand slam is an amazing thing to do," Alcaraz said.
"Be able to be the youngest that have done it before, you know, is even better.
"But three are three ... it's a question that I have to think about, not just a quick answer."
Alcaraz, who could face Australian contender and world No.6 Alex de Minaur in a blockbuster quarter-final, beat Sinner in an exhibition match in South Korea this month.
It was the only warm-up event for the two European heavyweights ahead of the Open, which starts on Sunday.
Sinner, who faces France's Hugo Gaston in the first round, could become the second man to win three consecutive Open titles in the open era after Djokovic, who has done it twice.
The 24-year-old won last year's Open under a doping cloud - he eventually served a three-month ban - and returns in a better position to defend his crown.
"It got me even stronger as a person - doesn't take away the player's part," Sinner said.
"The person I've become, it's much more mature in a way because I see things when they're not going in the right direction different ways.
"I've surrounded myself with really, really good people. I'm very happy with the people I have, so that for me is the most important.
"Whatever comes on the court results-wise, that's all an extra."
One of those people is Australian coach Darren Cahill, who will remain alongside Simone Vagnozzi with Sinner for at least one more season.
"He's so important for all of us, all of the team," Sinner said of Cahill.
"He has this huge experience. He knows me now not only as a player, but also as a person now in a different way."
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