Australia's male sprinters are eyeing relay gold at next year's London Olympics after ending a decade-long drought in the 4x100m freestyle relay at the world championships.

James Magnussen, Matt Targett, Matt Abood and Eamon Sullivan pulled off a stunning upset victory over France and the US in Sunday night's final, claiming Australia's first men's 100m freestyle relay win on the world stage since the world championships in Fukuoka in 2001.

The victory was highlighted by a brilliant 47.49-second lead-out from promising 20-year-old Magnussen, the fastest ever 100m swim in a textile suit.

And the group now believes it can return to the top of the Olympic dias for the first time since the famous 4x100m relay win at the Sydney 2000 Games.

Ian Thorpe led that victory and now has his work cut out to achieve his goal of winning a place on the relay team for London in his comeback bid.

"We want to repeat Sydney," Sullivan said.

"We've got the talent. We've got the experience.

"I think this next year is going to be about building towards all of that and making sure we follow up this with an Olympic gold."

The performance capped a strong opening night for Australia after Stephanie Rice returned to her best form to qualify fastest for Monday night's 200m individual medley final.

Rice will be joined in that final by Commonwealth Games golden girl Alicia Coutts, who negotiated her hectic opening-day schedule in style.

Coutts also qualified for Monday night's 100m butterfly final, and helped the Australian women's 4x100m relay team to fifth.

Also in medal contention on Monday night is comeback king Geoff Huegill who produced another great swim in the 50m butterfly semi-finals, clocking 23.26 seconds - a PB in a textile suit, to storm into Monday night's 50m butterfly final behind controversial Brazilian star Cesar Cielo.

Targett also qualified the final in the seventh fastest time.

Brenton Rickard will compete in the 100m breaststroke final, but Christian Sprenger missed out.

Australians commencing their campaign in Monday morning's heats include Emily Seebohm (100m backstroke), Leisel Jones (100m breaststroke) and Hayden Stoeckel (100m backstroke).

Liam FitzGibbon 
AAP