Phelps shines at Indy Grand Prix Michael Phelps swims in the men's 400m individual medley finals during day two of the Indy Grand Prix...

Phelps shines at Indy Grand Prix

Michael Phelps swims in the men's 400m individual medley finals during day two of the Indy Grand Prix, on March 30, in Indianapolis, Indiana. Phelps notched the third-fastest time of the year, raising the prospect he could reprise his Olympic challenge in the event.(Photo/AFP)

Michael Phelps swims in the men's 400 meter individual medley finals during day two of the Indy Grand Prix @ the Nat at the Indiana University Natatorium on March 30, 2012 in Indianapolis, Indiana. (Photo/Agencies)

Michael Phelps swims in the men's 100 butterfly finals during day one of the 2012 Indianapolis Grand Prix at the Indiana University Natatorium on March 29.(Photo/AFP)

Michael Phelps notched the third-fastest 400m medley time of the year at the Indianapolis Grand Prix on March 30 -- raising the prospect he could reprise his Olympic challenge in the event.