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A year after watching on in envy, Daniel Ricciardo returns to Albert Park with dreams of a late-career renaissance at the Australian Grand Prix.

Being a spectator at last year's Australian Grand Prix lit the fire in Daniel Ricciardo to go about securing a return to a full-time Formula One seat.

Ten years after being stripped of a podium at Albert Park, Ricciardo is intent on making the most of his second chance in F1.

The popular 34-year-old was sidelined for the first 10 races of last season, including his home GP, after being relegated to a back-up driver following his exit from McLaren at the end of 2022.

"It was my first race attending and I was watching the cars come out and there was certainly a bit of envy," said Ricciardo, who is racing for Red Bull's secondary team, known as RB.

"I kind of knew already by then that I wanted to do it again, but this was where I felt it the most.

"Then every race I went to after that I was like 'OK, I'm ready'."

McLaren rising star Oscar Piastri will join Ricciardo on the grid this year to make it the first time since 2013 two local heroes have raced in the same Australian GP.

Ricciardo has endured a tough start to 2024, finishing 13th in Bahrain and 16th in Saudi Arabia, prompting former world champion Alan Jones to describe the West Australian as "treading water" in his career.

But if Ricciardo is fearing it might be the only time he shares a grid with Piastri at Albert Park, he isn't showing it.

He is not actively seeking it, but Ricciardo responded positively when asked what it would mean if he could finish off his career with Red Bull's top team.

That relationship seemed doomed after Ricciardo walked out on Red Bull to race with Renault ahead of the 2019 season.

"Any team you're with, if you have a really strong season it could lead to maybe something different or increase your position where you currently are," he said.

"I know if I do some really good results, maybe then that can present itself (a seat with Red Bull).

"But it's not something I think about, because 12 months ago I wasn't in this position. I didn't know if I would be back in this position.

"The more you get caught up in that stuff, then that starts taking focus away from my job, and that's driving as fast as possible."

In just his third F1 race, the Melbourne-born Piastri finished a respectable eighth at Albert Park last year to bank the first points of his career.

The 22-year-old placed fourth in Saudi Arabia two weeks ago, denied a place on the podium by Red Bull flyers Max Verstappen and Sergio Perez, and Ferrari's Charles Leclerc.

Piastri has already conceded McLaren are at least third in the pecking order behind the Red Bull pair and Ferrari.

"(Eighth last year) took some good fortune, so I'm going to need some more to get on the podium this weekend," Piastri said.