Geno Auriemma's star-studded squad goes into the Games with a 33-0 winning streak in Olympic competition. That dates back to the bronze-medal game at Barcelona 1992, and they are chasing a fifth straight gold this year.
The team includes two-time gold medallists Sue Bird, Diana Taurasi and Tamika Catchings, as well as three other members of the squad from Beijing 2008.
'I think the group of players we have, with three of us two-time Olympians, four of us going into a second Games and five rookies, gives us a good mix with one goal in mind,' said Taurasi.
'We want to win a gold medal and we're focused on that.'
However, there are a number of teams in the field capable of giving the Americans a tough time.
Candace Parker, who won gold at Beijing 2008, said: 'Australia are playing well, Russia are playing well and then you also have teams like Turkey. We played an exhibition game against them and really had our work cut out.'
Australia have taken silver in each of the last three Olympic Games.
'We're going to take one game at a time,' said their centre Liz Cambage. 'Obviously the USA are the favourites but hopefully we will be playing them in eight games' time.'
European champions Russia will also be in the hunt for medals, but where Host Nation Great Britain might fit into the picture is harder to judge.
This year they have recorded impressive friendly victories over world top-10 teams France and the Czech Republic, both of whom have their own medal hopes.
But while the team have shown their potential, this is only their second major tournament, after last year's EuroBasket. Croatia and Brazil will also count themselves among the medal hopefuls.
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