American Michael Phelps has qualified for five individual Olympic events and will likely compete in three relay events, giving him a chance to equal or beat the record Spitz set in Munich 32 years ago.
"If you ask my wife if I want to see the record broken, she will say no. If you ask me, records are made to be broken," said Spitz, 54.
Spitz said he liked Phelps's chances.
"First of all, in the events he holds the world records, he is so far ahead of the rest of the competition, he can have a relatively bad day and still win."
Spitz now works as a stock broker and financial analyst.