Ireland lock and Munster skipper Paul O'Connell is a red-hot favourite for the captaincy, leading the squad to Johannesburg on May 24.

The bookmakers have already installed South Africa as firm favourites to win the three-Test series, which begins in Durban on June 20.

But Greenwood, an uncapped player on the Lions' 1997 South African expedition when they triumphed against all odds, claims it would be reckless to dismiss the tourists' chances.

"When was the last time a Lions squad travelled as favourites?" he said.

"They just don't go as favourites. You go, and you've got to dig deep and find something special.

"Right now, the bookmakers have South Africa as favourites, which would be fair enough.

"I've watched a lot of the Super 14 action this year, and they look, fit, strong and quick.

"But, of course, the Lions have a chance. You look at the calibre of the likely squad, and there are six or seven World XV players.

"If you've got six or seven World XV players, throw in a few warriors with them and guys who just won't say no, then before you know it you have got half a chance.

"Having been on the last three Lions tours, would I love to be 24 again and have one more crack? Absolutely, no question."

Lions head coach Ian McGeechan is set to back form, fitness and experience as the three main requirements of a squad that was finalised yesterday following one last round of selection debate.

Jonny Wilkinson, Danny Cipriani, Gavin Henson and James Hook are among the likely absentees.

Three current national captains - England skipper Steve Borthwick, Wales leader Ryan Jones and Scotland's Mike Blair - are sweating on places.

Ireland lock O'Connell, though, should have plenty of familiar faces alongside him in South Africa.

Ireland, in recognition of their newly-acquired status as European champions, could provide a third of the squad.

O'Connell is expected to be joined by fellow Grand Slam heroes Brian O'Driscoll, Rob Kearney, Tommy Bowe, Ronan O'Gara, Jerry Flannery, Donncha O'Callaghan, Stephen Ferris, David Wallace and Jamie Heaslip.

Others, such as wing Luke Fitzgerald, scrum-half Tomas O'Leary, prop Marcus Horan and hooker Rory Best, are also in the selection mix.

However, injury-ravaged seasons look set to account for Wilkinson and Henson, while Cipriani and Hook have both struggled to produce consistent form.

So-called selection "bolters" are expected to be thin on the ground, although 32-year-old England world Cup winner Josh Lewsey is rumoured to be a strong candidate.

He retired from international rugby four months ago after winning 55 caps, yet he was a Test Lion in 2005, has renowned mental strength and would offer McGeechan options at wing, full-back or centre.