Wiggins starts as favourite for the 44km time trial around London's Hampton Court Palace after winning both long time trials on the Tour.
The first Briton ever to win cycling's most prestigious race said he was determined to win Olympic gold after the host nation finished outside the medals in the road race on Saturday.
"Confidence is sky-high that we're going to be in the ballpark," said the 32-year-old, who is riding in his home city.
The main threat should come from defending champion Fabian Cancellara of Switzerland -- also a four-time world champion -- and Germany's reigning world champion Tony Martin, but both have had disrupted summers.
A medal of any colour would see Wiggins become the most decorated British Olympian in history as a seventh medal would put him one clear of rower Steve Redgrave, who has six.
Magnussen came to London with a growing reputation but admitted he got the reality check he needed after Australia's humiliating flop in the 4x100m freestyle relay, and said he was back on track for Wednesday's 100m freestyle.
The 21-year-old world champion nicknamed "The Missile" admitted he was on a steep learning curve at his first Games.
"Everyone says it and I hear it so often, that the Olympics is a different pressure and I used to think 'yeah'... but it's true," he admitted.
History was made in the Aquatics Centre on Tuesday when Michael Phelps became the most decorated Olympian in history, winning a record 19th medal to overhaul the 18 won by Soviet gymnast Larisa Latynina.
Phelps anchored the US team to a crushing victory in the 4x200m freestyle relay, powering home ahead of France and China as the crowd roared their approval.
The 27-year-old American won six golds and two bronze medals at the 2004 Athens Games before a spectacular eight golds in Beijing, but suffered a spluttering start in London.
He finished outside the medals in the 400m individual medley and then had to settle for silver in the 4x100m freestyle relay.
Earlier Tuesday, time again seemed to be catching up with Phelps when 20-year-old Chad le Clos of South Africa thwarted his bid for a third 200m butterfly Olympic gold, but the silver set him on his way to the record haul.
China's Ye Shiwen swam to her second gold of the Games Tuesday as the 16-year-old won the 200m medley with a performance could fuel suspicions in some quarters that doping has played a part in her remarkable rise.
But Ye insisted the slurs had spurred her on.
"I don't feel upset or sad about what the media have been saying about me," she said. "I feel calm, but it just encouraged me to prove myself."
While the US and China battle for supremacy at the top of the medals' table, the host nation is hoping Helen Glover and Heather Stanning deliver their first gold medal of the Games in the women's pair in the day's early rowing action.
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