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Mick Fanning's professional surfing career kickstarted at Bells Beach in 2001 and the veteran is back to try to add a fifth title at the iconic break.

Mick Fanning is back to where it all began more than 20 years ago with a wildcard entry at Bells Beach and is hoping to again pull a surprise victory.

The retired triple world champion has entered the World Surf League's longest-running event - a title he has won four times with the last in 2015.

His love of the iconic break began back in 2001 when as a 19-year-old wildcard he shocked the field to win his first title.

In 2018 he was denied a fairytale farewell when he was beaten in the final by Brazilian Italo Ferreira.

Now 40, Fanning said it had been a journey.

"It's a big 360 and I'm now feeling a lot older," Fanning said on Friday from the famed break.

"I was very different; I was extremely hungry as a 19-year-old old, and then to make the final against Italo in my last ever event as a tour surfer, it showed me that it was the right decision for me."

Fanning said he had lost weight and felt in great shape ahead of the contest, which will be run between April 10 and 20 - although the forecast means it's unlikely to start this weekend.

"Bells is a second home for me, I feel comfortable here and the wave itself is one of my favourites in the world so everything is feeling pretty good."

But he ruled out a full-time return to the tour despite the success of 50-year-old Kelly Slater, who is second in the rankings.

"For what these girls and guys do day in day out, there's so much more behind the scenes, so much preparation and effort that goes into becoming the best in the world," he said.

"My heart isn't in it for a whole year - it's sweet for an event but not for a whole year."

Current world No.1 Kanoa Igarashi, from Japan, said he felt Fanning and Slater - also a four-time champion at Bells - were the title favourites.

Hawaiian John John Florence is the last men's surfer to ring the trophy's bell, with the event cancelled for the past two years due to COVID-19.

Australia currently has no men ranked in the top 10 with 23-year-old Queenslander Ethan Ewing highest-ranked at 14.

"The favourites here are definitely the veterans," Igarashi told AAP.

"It's not just about surfing the wave but about feeling comfortable here.

"You can tell the level of comfort that Mick has here ... a lot of these guys who have been surfing here for so long have built a connection and those are the guys who I will be looking out for."

In the women's event Brisa Hennessy from Costa Rica will wear the yellow jersey as world No.1 while two-time world champion Tyler Wright is the top-ranked Australian at seven.

Wright has never won at Bells but came close in 2017 when she finished third.

Tour rookie India Robinson is ranked eighth and could be a surprise pack with the 21-year-old growing up surfing the point break.

American Courtney Conlogue has won three of the past four Bells contests, with Stephanie Gilmore splitting her run in 2018.