That's according to OddsShark, who have handed Dixon odds of 6-1. The 36-year-old sits just ahead of Alonso and Will Power (8-1), while Helio Castroneves has been handed odds of 10-1.
For the full odds, visit OddsShark. Here's a look at the full grid, via IndyStar:
Dixon is a four-time Indycar championship winner and a former Indy 500 champion, winning the iconic race in 2008. The 36-year-old enters the race seemingly in blistering form, impressing greatly during qualifying.
IndyStar Sports' Zak Keefer broke down the numbers behind his incredible qualifying session:
In any other year, Dixon would likely soak up the headlines heading into the Indy 500. But this is no ordinary year―not with two-time Formula 1 world champion Alonso on the grid.
The Spaniard made a remarkable transition to Indycar racing, flashing all of his talent in qualifying and earning his excellent race odds. Alonso hasn't driven a truly competitive car in years―his McLaren has been woefully underpowered in Formula One―and he'll be eager to make the most of this chance.
Defending champion Alexander Rossi and Alonso were able to joke about his misfortune in his usual car, per William Esler of Sky Sports:
Rossi was a shock winner last year―yet another example of the unpredictable nature of the Indy 500―but has since joined the group of elite racers expected to contend.
Castroneves was the fastest racer on Carb Day, explaining his solid odds. He sits well ahead of Juan Pablo Montoya (12-1) and Rossi (15-1).
Among the outsiders who could surprise a few, J.R. Hildebrand (30-1) will be one to keep an eye on. The 29-year-old has struggled to finish but appears to be peaking at just the right time.