ANDY MURRAY has become the runaway favourite to land his maiden Australian Open title following Novak Djokovic's surprise second round exit.

The defending champion was beaten in five sets by Uzbek wild card and world No. 117 Denis Istomin on Thursday in the shock of the tournament so far. 

The Serb's early exit has seen odds slashed on world number one Murray clinching the first Grand Slam title of the year, with Ladbrokes offering a price of 10/11.

Read more: Defending champion Novak Djokovic suffers shock Australian Open exit to wild card Denis Istomin

Murray has previously reached the final in Melbourne on five occasions but is yet to be named champion, having lost four of those finals to Djokovic and one to Roger Federer.

Canadian Milos Raonic, who Murray defeated in last year's Wimbledon final, has seen his odds of victory shortened from 16/1 to 6/1 while Stan Wawrinka is listed as third favourite at 8/1.

Ladbrokes latest betting

Australian Open Men's outright

Andy Murray - 10/11

Milos Raonic - 6/1

Stan Wawrinka - 8/1

Rafael Nadal - 10/1

Roger Federer - 16/1

Grigor Dimitrov - 16/1

Kei Nishikori - 25/1

BAR - 33/1