Waterhouse and his cousin Lisa Darmanin expect to learn in the next few days if they will get the chance to compete in the Nacra 17 class at another Olympics after finishing second in 2016.

They placed third in the world championships in Geelong last week, one spot behind the sibling combination of Nathan and Hayley Outteridge.

"I feel quite comfortable but it still doesn't make you sleep any easier," Waterhouse told AAP on Wednesday, prior to his first training session of the year aboard the Australian team's SailGP boat.

"I flew out the night the (world championships) event finished and started work the next day at 7am, so I'm pretty knackered.

"But I'm so pumped to get back on this boat with the team."

Waterhouse and 2012 Olympic 49er gold medallist Outteridge will go up against each other in just over a week on Sydney Harbour, with the latter skippering the Japan boat in the first event of the 2020 SailGP series on February 28-29.

"We can't really get away from each other at the moment," Waterhouse said.

"There's a little bit of banter (with Nathan) but once you get on the water it's guns out, serious faces on.

"You're going to war on the water and then you come in and have a few beers but there's definitely some tension, particularly this week with the Olympic selection being announced so fingers crossed it goes our way."

If that transpires, Waterhouse will juggle SailGP and Olympic commitments throughout the year, with events in the United States, Spain, France, Japan, England and Denmark all part of his schedule.

"I'm really thankful that SailGP in their foresight have seen there could have been a few clashes and moved a few events," Waterhouse said.

"I thought last year was busy and then I saw the schedule for this year and I thought 'holy moly, we've got plenty on'.

"It's a challenge but I love challenges."

Australian Associated Press