See favorite in Webster's New World College Dictionary
noun
a person or thing regarded with special liking, or more highly than others; specif., a person liked very much and granted special privileges as by a king, high official, etc.
a contestant regarded as most likely to win
adjective
held in special regard; best liked; preferred
See favorite in American Heritage Dictionary 4
(fāˈvər-ĭt, fāvˈrĭt)
noun
a. One that enjoys special favor or regard.
b. One that is trusted, indulged, or preferred above all others, especially by a superior: a favorite of the monarch.
A contestant or competitor regarded as most likely to win.
adjective
Liked or preferred above all others; regarded with special favor.