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Chung is Leading Action Attraction

Hyeon Chung is nicknamed "The Professor" because of the glasses he wears on court.

The 21-year-old South Korean's stunning sweep of Novak Djokovic in the Australian Open fourth round has earned him a new tag as title contender.

Watch: Chung Upsets Djokovic

The first Korean—man or woman—to reach a Grand Slam quarterfinal has emerged as a betting favorite to win the Australian Open.

Oddschecker reports since the start of his match with six-time Australian Open champion Djokovic, Chung's odds of winning the title have rocketed from 66 to 1 to 16 to 1.

Since Chung became just the third man in history to defeat Djokovic in straight sets at the Australian Open, he has accounted for 39 percent of all bets to win the tournament in Australia, where sports gambling is legal.

"Chung has shown himself to be the leading contender of the talented younger players on the tour and could usher in a new era of tennis should his form lead him to victory in Melbourne," Oddschecker spokesman George Elek said.

The Next Gen ATP Finals champion will have 97th-ranked Tennys Sandgren for a spot in the semifinal and a possible shot at reigning champion Roger Federer, who remains the favorite to win his 20th major at 6 to 5.

Rafael Nadal is the bookmakers' second favorite followed by third-ranked Grigor Dimitrov and Chung.

Photo credit: Mark Peterson/Corleve