Emma McKeon has only just taken over as Australia’s most decorated Olympian, but she may well be just warming the chair for fast-rising Mollie O’Callaghan.

The 20-year-old Queensland claimed her second gold medal of the Paris Games by outgunning training partner Ariarne Titmus in Tuesday’s (AEST) 200m freestyle final to continue her rapid ascent up the Australian all-time record list.

It came two nights after O’Callaghan helped Australia’s women’s 4x100m freestyle team to gold, while O’Callaghan had already won two relay medals as a 17-year old in Tokyo three years ago.

She featured only as a heat swimmer in those victories — a source of debate among swimming fans when it comes to medal counts — but the record now shows O’Callaghan has joined the likes of Dawn Fraser, Murray Rose and Betty Cuthbert with her gold medal haul to trail only McKeon (six) and Ian Thorpe (five).

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It’s a scary prospect given O’Callaghan’s age, and the fact of what might lay ahead — even just this week in Paris.

She will also contest the 100m freestyle — an event in which she is now favourite — as well as the 4 x 200m freestyle relay and possibly the medley relays.

It means O’Callaghan could conceivably match McKeon’s haul by the end of this meet. If she doesn’t, her age means she could still compete at at least another two Olympics making her potential achievements seemingly limitless.

Australian swimming great James Magnussen is cetainly backing her to re-write the record books.

“I’ll call it now — Matty O’Callaghan will go on to be our greatest Olympian in history and I think that was the monkey she needed to get off her back to go on to be our most successful Olympian ever,” Magnussen said on the Matty & The Missile podcast.

“I predict she’ll now win the 100m freestyle individual, they’ll win the 4 x 200m freestyle (relay) and they’ll be right thereabours to win the (medley relay), which would end up five gold medals at one Olympics for one swimmer.”

Magnussen said O’Callaghan had “more tools in her duffel bag” than many of her rivals, as evidence by her stunning turn and final lap that set up victory on Tuesday.

Matty Johns caught up with an emotional Dawn Fraser on the podcast, with the legend paying tribute to O’Callaghan and Australia’s female swimmers who were already “over expectations” this meet.

“It’s amazing what they’re doing and it’s a credit to themselves but also their coaches who have done a magnificent job,” Fraser said.

“But you’ve got to give it to the girls because once they’re in the water they’re on their own, the coaches aren’t there.”

Magnussen echoed the sentiment as the Australia team lived up to the pre-meet hype.

“This swimming program so far has gone exactly to plan for the Australians,” he said.

“We said it depended a lot on Ariarne on night one, she does it. Molly comes through for the 200 free, we saw Kaylee McKeown tonight in the 100m backstroke (semis) — and I’m backing here to take down the world record holder Regan Smith in the final (on Wednesday morning).

MOST OLYMPIC GOLD MEDALS WON BY AN AUSTRALIAN

Emma McKeon – 6

Ian Thorpe – 5

Dawn Fraser – 4

Murray Rose – 4

Betty Cuthbert – 4

Cate Campbell – 4

Mollie O’Callaghan – 4