Ferrari’s newest recruit, Lewis Hamilton, is looking to cement his status as the greatest of all time in Formula 1, starting with Sunday’s Australian Grand Prix at Melbourne.

After an off-season of several driver changes, the 2025 F1 season begins Down Under with Mr. Hamilton wearing new colors. He had previously driven for Mercedes for 12 seasons, during which time he won six of his seven world championships, making him the most decorated driver in Formula 1’s history.

“This is the most exciting period of my life,” Mr. Hamilton said. “I’m really just enjoying it, and I’m so excited to get in the car.”

Overshadowed in recent years by the dominance of Red Bull and four-time champion Max. Verstappen, Mr. Hamilton offered reminders of his ability by earning two of his 84 career victories in his final season with Mercedes. The British driver enjoyed an emotional triumph by capturing the British Grand Prix at Silverstone in July. It was his first win since 2021. He later won the Belgium Grand Prix after the initial winner, teammate George Russell, was disqualified for driving an underweight car.

At age 40, Mr. Hamilton appears rejuvenated by his move, and is among the contenders to halt Mr. Verstappen’s streak of four straight driving championships. “I know what I can bring,” Mr. Hamilton said. “I know what I can deliver, and I know what it’s going to take to do that. I will be focused on myself, and together with the team, working to maximize the car’s potential.”

Mr. Verstappen and Red Bull face a strong challenge if they are to reclaim the dominance they enjoyed heading into last season. After winning 19 of 22 starts in 2023 and Mr. Verstappen capturing a third world championship, Red Bull is no longer the preeminent favorite after what happened in 2024.

 Just when viewers seemed bored with Red Bull owning the podium, the season shifted at the 2024 Miami Grand Prix. A McLaren driver, Lando Norris, claimed the first of his four wins and delivered McLaren’s first statement toward capturing the Constructors title, which it last accomplished with Mr. Hamilton driving in 2008.

Although Mr. Verstappen did enough to win his fourth driver’s crown, Red Bull went 10 races without a victory during one stretch and finished third in the Constructors Championship. Defending champion McLaren, Ferrari, and Mercedes appear set to make this a much-needed competitive season.

“I do not expect us to be the fastest at all, but at the same time, it is very difficult to tell where everyone’s pace is,” Mr. Verstappen said. “There is some work to do.”

Eight of the 10 racing teams feature at least one new driver. McLaren is happy to return Mr. Norris and Australian Oscar Piastri, who won twice last year and recently agreed to a new multi-year contract extension. Aston Martin returns Fernando Alonso and Lance Stroll. Every other team has tinkered with its drivers.

In addition to Mr. Hamilton teaming with Charles Leclerc, a three-time winner last year for Ferrari, Liam Lawson replaces Sergio Perez at Red Bull and a highly touted prospect, Andrea Kimi Antonelli, assumes the Mercedes seat next to George Russell, a two-time winner last year.

Rumors are running through F1 that Mr. Verstappen might be jumping to Mercedes. Mr. Russell’s contract expires after this season and there seems to be no rush in re-signing him to a long-term deal.

The Mercedes chief, Toto Wolff, insisted that luring Mr. Verstappen is “not on any radar,” and that he intends to retain Mr. Russell. “We have had such a long-term relationship and so much trust between one another and we are focused on getting Mercedes back on top and trying to win races and championships,” Mr. Russell said.

Mr. Verstappen and Red Bull appear at odds over the car’s development. The Dutchman, whose contract with Red Bull runs through 2028, began grumbling after a disappointing showing during the preseason testing in Bahrain.

“It was not bad, but at the same time there is still some work to do,” he said. “We probably won’t be the fastest in Melbourne.”

All of Australia will be rooting for Mr. Piastri, who enjoyed a breakout season last year. In addition to capturing his first two Grand Prix, the 23-year-old Melbourne native reached six other podiums.  He was the only driver to complete every racing lap of the 2024 season.

“The team had the belief in me when we signed in 2022 and the journey we’ve gone on over the past two seasons to help return McLaren to the very top of the sports has been incredible,” Mr. Piastri said. “I’m very proud to be continuing to represent the legendary team for many years to come.”