The 26-year-old will call time on his career at the conclusion of the Games, having already amassed a total of 14 gold medals on the biggest stage.
Previewing the upcoming event, Phelps has insisted that he will do everything possible to ensure that he bows out in style.
"Being able to prepare myself to look back through my career and say I've done everything I've wanted and I've been successful is something I really want to do," he said.
"This is the last chapter of my career as an athlete and I'm just hoping it goes the way I want. I'm trying to work as hard as I can to make sure it does."
Phelps has also won two bronze medals at Olympic level.