The 21-year-old made his first outdoor appearance over 200m in Slovenia last week clocking 20.71seconds, 0.16 shy of the Olympic A standard and a further 0.01 shy of his personal best.
Four Brits so far, including Malcolm, have ducked under the Olympic A standard with Talbot needing to do so to stand any chance of securing one of three 200m places for London 2012.
The first spots will be decided this weekend at the Aviva 2012 Trials and, should Talbot hit the A standard, a top-two finish would book him a run at the Olympic Stadium.
Talbot admits the task is a daunting one but insists he is relishing the challenge of getting one over the likes of Malcolm, who helped him during his breakthrough season last year.
"Making the team will be difficult, but I definitely feel as though I have got a chance," said Talbot. "I'm not too far off the standard and the times of guys who have been racing for quite a few weeks already.
"So I'm confident I'll be able to qualify. It's a pretty surreal situation, to be honest. I have always looked up to the more senior guys, and Christian in particular.
"Last year I was just breaking into the senior ranks, and the support he gave me was great. He helped me a lot at the European Team Championships in Stockholm last summer, and I really appreciated that.
"Now I'm in a situation where I'm racing against guys like him, and it's great. I hope we can both make the team, but there are a few good guys all competing for the three spots.
"It's hard to get a bigger incentive than competing at the Olympics, but a home Games will be even more special. Knowing there are 80,000 people all cheering for you because you're British is a great feeling, and I hope I'll get it."
Despite his current confidence, the past month has been frustrating for Talbot, who has needed injections to treat injuries in his hip and lower back.
But, while he concedes his recent injury problems have been far from ideal, Talbot remains adamant that he will go into the Aviva 2012 Trials as strong as ever.
"Over the last eight weeks I've had some little niggles here and there, but I ran my first event in a while on Thursday in Slovenia and I'm feeling good," he added.
"I ran my second fastest time ever in the 100m and 200m. I'm feeling in good shape and I'm ready."