The world No 2 – who took a break after Wimbledon before switching to the hard courts – has been in good form, although he lost in the Cincinnati Open final last weekend to Novak Djokovic.
Federer is searching for his first success at Flushing Meadows, but should he prevail, it would provide him with his 21st Grand Slam title.
The Swiss legend is looking for his sixth title in New York, and while he has been a dominant force on grass and hard, the 37-year-old hasn’t translated that to clay with just a sole success at the French Open which came in 2009.
While Roland Garros is seen as one of the ultimate tests for players when it comes to Majors, Federer doesn’t necessarily see it that way.
In fact, he thinks the US Open is a huge challenge.
When asked to rate his chances of winning in the Big Apple, Federer said: “I’ve come very close in recent years. Not the last two because I just haven’t been healthy but this year I feel really good about my chances.
“It is maybe one of the toughest to win out there and everybody plays well on the hard courts, that makes it even more difficult and everybody’s back.”
However, Federer is looking forward to the tournament which gets underway on Monday.
He added: “So I’m very excited. I’m happy to be back and I think the chances are there for guys to make breakthroughs, but at the same time I do believe it’s going to be decided in a select group of guys and those are probably the top 20 guys, right now, in the game.”
Federer has an interesting draw and he could meet Djokovic in the quarter-finals.
Meanwhile, Rafael Nadal – who is the reigning US Open champion – starts his title defence against compatriot David Ferrer.
When asked for his thoughts on the draw, Nadal said: “We were in the Davis Cup team a lot of times, here too. He’s a good friend.
“He has been an amazing player for such a long, long time. This year he’s going through tougher times but he’s still a player with a very high level of tennis. I’m looking forward to playing that match so we’ll see.
“I don’t go crazy about the draw. I really don’t care.
“I understand it’s luck. At the end of the day, you will face your opponent.”