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Michael Phelps is getting ready to dive head-first into another Olympic Games.

Though he's been training along with dozens of other U.S. Olympic Team hopefuls in Colorado Springs for about four weeks now, Phelps is only willing to give his current performance a "B-plus, A-minus."

Ryan Seacrest asked Phelps in a sit-down for NBC Sports what it's going to take to get into A-plus shape in time for what he's said will be his last Olympics. (And is there a place on the national team for Phelps' training goatee?)

"There's still some small things to fix over the next couple of weeks. I'm happy," the 14-time gold medalist said, noting that what he does out of the pool is very important as to how he performs in the pool.

"Recovering more, eating within 30 minutes, getting massages, sitting in the ice bath," he said, ticking off a laundry list of postswim to-dos.

And what is going through Phelps' head as he trains for his last Olympics?

"I think the coolest thing is reliving all the memories I've had throughout my career," says Phelps, who will turn 27 before the games begin. "I'm a lot more relaxed and laid-back than I was for any of the other ones. It's been a cool ride, a fun journey—I'm excited for London."

First, however, we're excited for the "weird crazy mustache" that Phelps and his teammates will shape their scruff into before they have to start shaving off those milliseconds with smooth faces.

The 2012 Summer Olympics kick off July 27 in London. (E! Online and NBC are both part of the NBCUniversal family.)

Tune into the rest of Ryan's interview with Phelps tonight on E! News at 7 p.m. at 11:30 p.m.

GALLERY: The Olympics Go to the Movies!

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