With Tiger Woods pulling out of the Masters, 24-year-old Rory McIlroy has emerged as the favorite to win at Augusta.

Rory McIlroy Favorite At Masters

McIlroy, who was at one point the World Number One ranked player in golf, is currently ranked seventh in the world and looking to capture his third major and first win at the Masters. McIlroy won the US Open in 2011 and the PGA championship in 2012, but has only placed as high as 15th at the Masters back in 2011.

McIlroy is also looking to solidify himself as one of the new faces of golf. "Golf's in a funny place at the minute," McIlroy said. "You are getting so many different winners and there are not as many guys dominating the sport like in the past with Tiger, Vijay [Singh] and Phil," reports CBS sports.

If McIlroy can win the Masters next week, he will have won three out of four majors, leaving the Open Championship in July as the last major to complete a career grand slam. Many feel that McIlroy has a good shot at winning next week, as he is at the top of the Vegas odds boards with 8-to-1 odds of winning the season's first major, according to LVH SuperBook.

Other odds for the field include 10-to-1 on Adam Scott and Jason Day, 15-to-1 on Phil Mickelson and Dustin Johnson, and 20-to-1 on Matt Kuchar, Bubba Watson and Henrik Stenson.

Coverage of the Masters begins Monday, April 7 and will air on CBS.

– Sean Billings