A three-time runner up at Melbourne Park, Murray has slipped to sixth in the world rankings and is on course to meet Federer in the quarter-finals in the bottom half of the draw with Nadal potentially awaiting him in the last four.
He could also face world number 11 Grigor Dimitrov in the fourth round.
“Obviously a very tough draw, very difficult draw,” said Murray, who is coached by Amelie Mauresmo.
“If you have to play all of those players, obviously it’s going to be extremely difficult to come through that. I’m aware of that. That’s fine.
“But often in these events, you know, there are upsets. And then you just have to wait and see who you’re playing in each round because it doesn’t always work out as simply as that.
“It will be interesting to see how it goes. But definitely with the names mentioned, it’s very challenging.”
Despite the ominous task ahead, the dual Grand Slam champion, who won the Mubadala World Tennis Championships in the UAE this month when Novak Djokovic forfeited the final, said he was in good shape and up for the challenge
“I trained well in December. Changed some of the things I was doing in my training, which was fun,” he said, having adapted a new regime focused on improving his movement on court.
“It was fresh ideas. That was good. I worked hard in the off-season, my body feels good.”