12/21/2011 06:20 pm ET | Updated Dec 22, 2011

'X Factor' Finale Preview: Contestants Weigh Their Chances Of Winning It All (VIDEO)

With the Thursday night "The X Factor" finale rapidly approaching, "Good Day Wake Up" (weekdays, 7AM ET on Fox) went backstage to ask the contestants how they were feeling. With a $5 million recording contract on the line, the contestants all seemed upbeat and hopeful. "I'm so happy to be here," Chris Rene said ... "And I know that, possibly I could win this competition." While it's possible now, it sure didn't seem probable in the first weeks of the show.

Josh Krajcik has been another pleasant surprise. His gravelly voice and Joe Cocker-style delivery made him seem like an underdog, but after his touching performance of Leonard Cohen's "Hallelujah," Krajcik may just have endeared himself to voters. "Now is the time," he told Good Day. "I'm going to grasp that hand of fate and make it mine."

If you ask Simon Cowell, he'll say that Melanie Amaro is the likely winner. He stood behind her in support as she she talked about her chances. "If I work really hard, I'm pretty sure I can get really far, and really win it," she said.

Melanie and Simon will face Josh and his mentor Nicole Scherzinger, as well as Chris and L.A. Reid in the final showdown.

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PHOTOS: 'The X-Factor' Finale
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