The 29-year-old competed in the Beijing instalment four years ago, where humid conditions played a part in the Spaniard not finishing the road race.
Contador’s suspension for doping rules him out of the Olympics in London, but he told Eurosport that he feels the Games will serve up an entertaining and unpredictable challenge for the expected front-runners.
He said: “Well, to represent your country is the pride of any athletes and participate at Olympic Games is a great reason of pride and honour and to take your flag.”
“It's true Cavendish is the number one favourite, but often in Olympics or in a World Championships there are unpredictable episodes and even though there are leaders, it is not the same as in a team like all season long.
“And there are more unpredictable race facts than in any other races, breakaways with important riders, and surprises.
Contador’s focus now lies on the 2012 World championships following the expiry of his ban.
“For me it's going to be the first year in which the World Championships is going to be as crucial as it has never been in my career,” he explained.
“It's a race to which I 'm going to arrive in very good shape, because it's going to be after the Vuelta.
“And with a very good mentality I think that for the time trial, if I get there in good conditions, I can battle for the podium and the win.
“It's a mixed route with little climbs and lots of rhythm changes and that can be an advantage for me.
“And as it concerns the road race, I think the Spanish selection there will have so many options in terms of selected riders, they will be the favourites for the final win.
“Of course I hope I will be there at the World Championships and perform well, either with leadership responsibility or to help a team mate.”