"It’s really at its height now because of the two premier sides in world Test match cricket coming together," Waugh said before the third Test in Delhi, which starts on 29th October.
"The rivalry’s been built up, we have had some great series, the last couple have been fantastic and it gets bigger and bigger every year so it almost rivals the Ashes series and it probably is right now."
"And it will get bigger because India really is the focal point of world cricket right now."
"Australia did well in the first Test, probably dominated that, obviously India played very well in the second Test at Mohali," added Waugh.
"Australia have got a chance, there’s no doubt about it. India will feel confident coming into this Delhi Test match but Australia also know that if they play well they’re a chance of winning so it’s all set for a good last two Tests."
"It’s been a really impressive session actually, really good intensity," said Waugh who has32 centuries under his name in 168 Tests.
"The fielding was good, which is always a good sign for a team leading into a Test match, so I think they’re in pretty good shape."