Former Australia captain Steve Waugh believes the Border-Gavaskar Trophy against India is now on a par with the Ashes.

"It's really at its height now because of the two premier sides in world Test match cricket coming together," Waugh said ahead of the third Test in Delhi, which begins on Wednesday.

"The rivalry's been built up, we have had some great series, the last couple have been fantastic and it gets bigger and bigger every year so it almost rivals the Ashes series and it probably is right now.

"And it will get bigger because India really is the focal point of world cricket right now."

Waugh said that he has found the latest instalment of the Border-Gavaskar Trophy enjoyable so far coming off the back of the memorable series in Australia last summer between the two countries.

"Australia did well in the first Test, probably dominated that, obviously India played very well in the second Test at Mohali," added Waugh.

"Australia have got a chance, there's no doubt about it. India will feel confident coming into this Delhi Test match but Australia also know that if they play well they're a chance of winning so it's all set for a good last two Tests."

Waugh's optimism for the visitors' chances of victory in the third Test is based in part on what he has seen from the players at training after joining a session on Tuesday.

"It's been a really impressive session actually, really good intensity," said Waugh who hit 32 centuries in 168 Tests.

"The fielding was good, which is always a good sign for a team leading into a Test match, so I think they're in pretty good shape."

India lead the four Test series 1-0 after winning the second Test in Mohali by 320 runs following the drawn first Test in Bangalore.