Only Roger Federer and Andy Murray have managed to beat the talented Serbian during that period, and even those two powerhouses have been on the receiving end more often than not.
So while there may not be much value in trying to pick a winner for the year’s first Grand Slam, you could still back a few dark horses to make it deep into the competition.
Looking at some outside bets who could put together a surprising run, Australian Nick Kyrgios offers both risk and reward.
The fiery young gun made it all the way to the quarter-finals in Melbourne last year, and certainly has the potential to do even better on home soil in 2016.
Meanwhile, South African Kevin Anderson finished last season on a high, with several good showings against top opposition, so he might be worth backing as the tournament nears its business end.
Looking at the winner of the tournament, the safest bet outside of Djokovic looks to be Andy Murray, who has shown good form against Djokovic on hard courts. There’s certainly a lot more value in backing the Scotsman, who has what it takes to beat Djokovic if everything goes to plan.
Stan Wawrinka has also shown he was what it takes to win Grand Slams. The Swiss star won the Australian Open in 2014 and the French Open last year, yet he still manages to fly under the radar.
And while Roger Federer hasn’t won a Grand Slam for a few years, he is the only man who managed to beat Djokovic twice last year – albeit not in Grand Slam finals. At 34, he might be a somewhat sentimental pick, but he simply can’t be ruled out.
The women’s draw is also dominated by one player in particular, world number one Serena Williams, although her chances are dente slightly by some pre-tournament injury concerns, which forced her to pull out of an event in Australia last week.
If Williams is indeed not at her best, that could open the door for the likes of Maria Sharapova, Simona Halep and Agnieszka Radwanska, who capped off her 2015 season by winning the star-studded WTA Finals.
Any of these three women are capable of pulling off the victory, while up-and-comers like Garbine Muguruza, who reached the Wimbledon final last year, are also itching to break through.
Muguruza is sure to offer good value, and 2016 might just be her breakthrough year.
Interestingly, Williams is not the only player to be dealing with early-season fitness concerns. Muguruza, Halep and Sharapova are all dealing with various ailments, as is Petra Kvitova, and that could open the door for Victoria Azarenka, a two-time Australian Open champion who seems to finally have put her injury concerns behind her.
Azarenka kicked off the season with a bang, winning last week’s Brisbane International, and is heading into Melbourne on much more solid footing than many of her competitors.
Men’s singles winner: Novak Djokovic
Men’s singles outside bet: Nick Kyrgios
Women’s singles winner: Serena Williams
Women’s singles outside bets: Victoria Azarenka, Garbine Muguruza