SYDNEY - Ian Thorpe is starting to look like a swimmer again but is still nowhere near the level he needs to reach to be competitive, the five-times Olympic champion said on Wednesday.

Australia's most successful Olympian is on the comeback trail after announcing his return to the pool with the aim of competing in next year's London Games.

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Back in Sydney for a few days from his training camp in Switzerland, the 28-year-old said he still had a lot of work to do after more than four years in retirement.

"I'm satisfied. I'm content where I'm at but I have a lot to do," said Thorpe. "Satisfied doesn't mean I'm there, by no means, I'm not at all. But I'm happy with where I'm at.

"I'm starting to look like a swimmer again," he added.

Thorpe is plotting his return under the guidance of famed Russian coach Gennadi Touretski, who enjoyed huge success with sprinters Alexander Popov and Michael Klim among others.

Ten recent days of intensive high altitude training had been a good test of his "capacities", Thorpe said, and he confirmed he would be sticking to the 100 and 200 metres in his bid to reach a third Olympics.

"I honestly don't think I'd have enough time to do anything for the 400m," said Thorpe, who won the eight-lap event at the Sydney and Athens Olympics. "Already with what I'm doing in the timeframe that I have, it's a tough ask."

Unable to compete until he has been registered for dope testing for nine months, Thorpe is expected to make his competitive return in Singapore in November.