The 20-year-old Spaniard missed the Australian Open after being sidelined for three months due to abdominal and hamstring injuries but he has been making up for lost time, winning in Buenos Aires on his return and taking two more claycourt titles in Barcelona and Madrid.
Alcaraz, who became the youngest world number one last year following his U.S. Open triumph, leapfrogged Djokovic into top spot once again despite being stunned in the Rome third round by Hungarian qualifier Fabian Marozsan earlier this month.
Barring that blip, Indian Wells champion Alcaraz has been the player to beat on the circuit, with his athleticism and warrior spirit reminiscent of fellow Spaniard Rafa Nadal, who will skip Roland Garros this year due to injury.
Former French Open runner-up Alex Corretja said the absence of 14-times champion Nadal could place even more expectation on Alcaraz but he backed the youngster to deliver at the May 28-June 11 Grand Slam.
"All eyes will be on him and on Novak and all the other potential favourites but being Spanish and knowing that Rafa is not going to be there, all the attention is going to be on him on the men's side," Corretja told Eurosport.
"Knowing Alcaraz, he will be okay to deal with that, I'm sure. He loves that, which is amazing and very impressive, but he'll need to cope with all the attention and everyone asking him about being the favourite and the next Spanish winner.
"Losing in Rome was the best thing that could have happened to him, because he will have lost a bit of expectation and relaxed a little bit."
Unlike Alcaraz, Djokovic has the experience of winning the title on the red dirt of Paris having triumphed in 2016 and 2021 but the 22-times Grand Slam champion has not enjoyed a perfect build-up to the tournament.
The 36-year-old Serb pulled out of Madrid due to an elbow problem and was hampered by an unspecified physical issue in Rome before losing in the quarter-finals, slipping to third in the rankings following Daniil Medvedev's triumph.
Former Roland Garros semi-finalist Tim Henman was eager to see Djokovic face Alcaraz in Paris.
"It would be an incredible match to watch," he added.
"Djokovic's standard is so high and we expect him to play brilliantly every day, but it's not that easy. His career at this stage is about the majors but he's been building up his timing and resilience for the Grand Slams.
"I'd put Alcaraz fractionally ahead of Djokovic, because he has played more tennis and had some good results on clay."
Djokovic said the next generation's growing impact on the tour was like a breath of fresh air and is well aware of the threat posed by Alcaraz.
"He's been playing some impressive tennis, a great level," Djokovic said in Rome. "He's the player to beat on this surface, no doubt."