The Countryfile and former Blue Peter presenter currently has odds of 7/2 at Ladbrokes to be the series champion.
Skelton, 39, has edged ahead of previous bookies' favourite Fleur East, 34, after being announced as the final celebrity contestant completing the full cast of 15.
Former X Factor and I'm A Celebrity...Get Me Out Of Here! contestant East, best known for her song 'Sax', has odds of 4/1 with Ladbrokes.
A spokesperson for Ladbrokes said: "Helen Skelton has got history with Strictly after a Christmas special stint in 2012, and punters are convinced that will stand her in good stead in the race for this year's Glitterball Trophy - forcing us to slash her odds as a result."
The Strictly 2022 celebrities are due to film their launch show - where they will be matched with pro dancer partners - on 7 September, which will also give fans a first glimpse at their dancing skills when it airs on BBC One shortly afterwards.
Bros star Matt Goss has been deemed third most likely to win, with odds of 15/2, followed by Kym Marsh and Molly Rainford who are both on 8/1.
Other celebrity odds for the series include Tyler West and Will Mellor both on 9/1, Ellie Simmonds at 10/1, Ellie Taylor and James Bye jointly on 12/1, Jayde Adams at 16/1, Hamza Yassin and Richie Anderson are both at 20/1, and Tony Adams is on 33/1.
According to Ladbrokes, Kaye Adams is least likely to win the series at 50/1, although fans of the long-running dance contest will know that could all change with surprises each year when the competition gets underway.
Judges Shirley Ballas, Craig Revel Horwood, Motsi Mabuse and Anton Du Beke will return this series, but former judge Bruno Tonioli will not be back as he continues to focus on his US commitments with Dancing With The Stars.
Watch: James Bye on Strictly: It's still not really sunk in