The Olympic gymnast, who won a bronze medal at this year's London games, is the 9/4 favourite with bookmakers William Hill.
However, Keith Chegwin begins the competition as the outsider, with odds of 40/1.
Soap stars Matt Lapinskas and Samia Ghadie are the second and third favourites for success in the 2013 series with odds of 4/1 and 5/1 respectively.
It was reported earlier today (December 30) that Ghadie has split from her partner Will Thorp ahead of her appearance on the show.
Former X Factor winner Shayne Ward is 6/1 to win the skating contest, with boxer Luke Campbell at 9/1.
Rugby star Gareth Thomas is at 10/1, with former Baywatch actress Pamela Anderson and Lauren Goodger both at 14/1.
The new series of Dancing on Ice begins next weekend with the addition of former Pussycat Doll Ashley Roberts to the judging panel. Former judge Jason Gardiner is also returning to the show after being replaced by Louie Spence for the previous series.
Dancing on Ice launches on Sunday, January 6, 2013 on ITV1. Watch a trailer for the show below: