During his playing days, in which he took 563 Test wickets - the all-time highest figure by a seamer - McGrath was famously brash in predicting that Australia would whitewash England 5-0 in the battle for the urn.
Ahead of the first match, which begins at Trent Bridge on Wednesday, McGrath conceded that England are favourites this time around, and even hinted that the Aussies would be happy to return home with a tied series.
"At this moment England are favourites, probably rightly so," he told Sky Sports News.
"Australia hasn't often been the underdogs. England are the ones who are expected to dominate so Australia have nothing to lose and hopefully will come out swinging and a few of the guys will put their hand up.
"With both side's bowling attacks, I think there will be a result in every Test, weather permitting. There will be a little bit of rain around so I think 2-1 to Australia or maybe even 2-2 - the Australians would take that."
McGrath was inducted into ICC Hall of fame in January 2013.