As reigning world champion, Bo went to London 2012 this summer as the overwhelming favourite to claim gold in the 10m platform but had to settle for silver behind American David Boudia.
Amidst dramatic tension-filled scenes Daley took bronze, much to the delight of the fervent home support.
As a 15-year-old Daley took gold at the 2009 world championships ahead of Bo, who failed to deliver on his final dive having led throughout the competition.
And after again failing to top the podium in London the 19-year-old Chinese sensation admits he will have to overcome his self doubts if he is to continue to dominate the sport.
"I think my biggest rival is myself," stated Bo. "Because China is so close to the gold medal and so keen to get it, some psychological problems occur which our rivals can take an advantage of."
Daley for his part knows all too well that Bo will be a thorn in his side for many years to come, but welcomes the challenge of toppling the world's best.
"Qiu Bo is an amazing diver and he's going to be very tough to beat in the future," he said.
"He's only going to get better so in Rio 2016 it's going to be a very tough competition but it will be interesting."