Three Scots have been named in Britain's Olympic rowing team, with two of them – three-times Olympic silver medallist Katherine Grainger and Lossiemouth's Heather Stanning – installed as gold medal favourites in their boat classes.

The third, Edinburgh's Lindsey Maguire, is also in with a strong medal chance in women' eights.

Grainger will continue her double sculls partnership with Anna Watkins. In Beijing, Grainger suffered the agony of an unexpected silver medal in women's quads while Watkins took bronze in double sculls but the pair are unbeaten since joining forces two seasons ago and have Olympic gold in their sights.

"Yes, for us it is gold medal or bust," said Grainger. "It's been obvious that's the only thing we're interested in, and it's down to us to make it reality now. We've talked about this for so long, but no matter the preparations, it all comes down to one moment now, and making sure that everything we do until then makes gold more likely."

Reflecting on Beijing, when her quad sculls crew were beaten by China, Grainger said: "I haven't wasted much time thinking about coming second this time, but basically I've learned that, however painful a race might be, the pain of coming second is even worse."

This will be a fourth Olympic Games for Grainger and, speaking about performing at home, she said: "I've never experienced interest on this scale and now we realise it really is the general public who are watching us, not just family and friends. This is all massively flattering, but it's a big step up from normal."

The team will now complete their preparations at the last World Cup of the season in Munich later this month, and after that travel to overseas training camps.

"The Olympic final is as little as four races away for us," said Grainger. "After the Munich World Cup, our training camps are crucial in our preparation. No matter how good a World Cup crew we've been, we'll be a different crew at the Olympics".

After taking silver behind New Zealand at the last two World Championships, Stanning and her pairs partner Helen Glover beat the world champions into third place at the World Cup in Lucerne two weekends ago, with USA second. This result, and the dominating way in which it was achieved, put down a real marker for the British pair, who have grown in confidence.

While acknowledging their near-perfect performance in Lucerne, Stanning said: "There's still plenty of hard work to come.

"New Zealand had only just come over and were still suffering jet lag, so we aren't taking anything for granted. The Americans are a fantastic crew and I don't think they're going to let us get away easily either."

Maguire has been named among a squad of 10 for the women's eight, with the crew being finalised later.