Michael Phelps Olympics 2012: Next Event Scheduled Today at 2:49 p.m. EDT, Phelps on the Hunt for 18th Career Medal

Michael Phelps of the U.S. competes in his men's 200m butterfly heat at the London 2012 Olympic Games at the Aquatics Center. (Photo : Reuters)

Team USA swimmer Michael Phelps is destined for history today, July 31. Phelps is two swimming competitions away from having the most Olympic medals in the Games' history.

Russian gymnast Larissa Latynina currently has the record for most overall Olympic medals with 18 since 1964. Phelps at the moment hold 17 overall medals and with today's 200-meter butterfly can tie the Russian gymnast.

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To witness the possible history making moment, Latynina is reported to be in attendance at London's Aquatics Centre to watch Phelps' swim. Latynina offered to present Phelps the medal, if he wins, to symbolize a "passing of the torch" moment, but the International Olympic Committee denied her request.

Phelps has met Latynina before, he stated, "It was an honor to meet somebody, such a legend and an icon, especially in the Olympic movement. We were sort of joking around, through a translator. It definitely was pretty cool."

"I'm quite happy there is a man in the world who can overcome my record, finally," said Latynina.

Soviet Gymnast Larisa Latynina poses for a photograph during an interview in Moscow (Photo Credit: Reuters)

Two competitions are left for Phelps to pass the record, today's 200-meter butterfly and Wednesday's 200-meter individual medley qualifying rounds.

But with the recent performances, such as Phelps finishing in fourth place last Saturday during the 400-meter individual medley, could Phelps' goal for a record 19 overall medals be botched?

Swimming rival Ryan Lochte isn't participating in the 200-meter butterfly, but fellow American Tyler Clary, who recently spoke about Phelps' recent poor work ethic, will be in lane two.

Phelps won gold for the 200-meter butterfly at Beijing in 2008 with a time of 1:52.03, and gold for the 200-meter individual medley at 1:54.23.

Phelps already holds the record for most gold medals with 14, passing Mark Spitz's record at the Beijing 2008 Summer Olympics.

Michael Phelps' Schedule (UPDATED)
July 31
Men's 200m Butterfly
2:49 p.m. ET - Finals

August 1
Men's 200m Individual Medley
6:06 a.m. ET - Qualifications
3:43 p.m. ET - Semifinals

August 2
Men's 100m Butterfly
6:14 a.m. ET - Heats
3:56 p.m. ET - Semifinals
Men's 200m Individual Medley
3:19 p.m. ET - Finals

August 3
Men's 4x100m Medley Relay
6:49 a.m. ET - Heats
Men's 100m Butterfly
2:38 p.m. ET - Finals

August 4
Men's 4x100m Medley Relay
3:27 p.m. ET - Finals