The Red Bull KTM rider finished an agonising second in Dakar 2023, beaten by 43 seconds overall by team-mate Kevin Benavides after leading into the final stage.
Now, he is set to spearhead KTM's charge in Dakar 2024 given Matthias Walkner is a non-starter due to injury and Benavides is under a fitness cloud himself.
KTM Rally Team Manager Andreas Hölzl said, “We're really looking forward to Dakar – the bikes are ready to go and from a technical point of view, we're really well prepared.
“Toby is hugely motivated of course. He had a really strong 2023 season and is in good shape, well trained, and fully focused on Dakar.
“Kevin, although not quite 100 percent after his small crash, also has his sights set firmly on Dakar success.
“He's confident and should be close to full fitness by the start of the race in January.”
Price himself said, “The 2024 Dakar will be my 10th overall and my ninth riding for the KTM factory team.
“Out of the nine we've done together, I've managed to podium in six, which is incredible when you think about how tough the race is and how hard it is to even reach the finish.
“I've had two first-place finishes, a second, and three thirds – to clinch another win on my 10th attempt would be amazing.
“Dakar is like no other race. For sure, the riding is hard work, fun, and exhausting, but I love the way everyone comes together to complete the race.
“Dakar is like my second family, so it's always good to see everyone, get ready for the race, and get my competitive side back going again.
“I'm in a good place physically, and the bike is good – we're definitely ready to race Dakar 2024.”
Walkner, a Dakar champion in 2018, broke a leg in multiple places in a training crash earlier this month, and is set for more surgery upon return to his home of Austria.
Hölzl added, “As a quick update on Matthias, he should be moved to Austria in the next couple of days for further surgery.
“It is, for sure, a painful injury that will require some time to heal properly.
“But the team are fully behind him and hope to see him back racing as soon as possible.”
The Prologue takes place in AlUla on January 5 (local time).