The 28-year-old, who lives just a few miles from the Velodrome here, can rely on plenty of local support as he sets out on Friday to regain the record, currently held by Switzerland's Tony Rominger.
Using the Superman-style of riding that was pioneered by Obree and that has revolutionised the sport, Boardman hopes to clock a time beyond the reach of future challengers.
"If all goes to plan I will put the record at such a level that the top riders will have to think long and hard before attempting to break it," said the Liverpool-based rider.
"With this record there is no second place -- you either break it or you don't. To even announce you are going to attack it you have to be really confident you are going to be successful.
"For a professional cyclist the world hour record is very important -- it's very special and therefore there is more pressure attached to it."
Boardman first broke the the mark in Bordeaux in July 1993 before Rominger covered an astonishing 55.291 kilometres in Bordeaux just under two years ago.
The hour record is cycling's equivalent of the mile mark in athletics and has been held by all the sport's greats, including Belgian legend Eddy Merckx, Italy's Francesco Moser and Spaniard Miguel Indurain.
And Boardman has opted to make his attempt on a superfast Manchester track which is quickly earning the reputation of being the equivalent of Oslo's Bislett Stadium for record-breaking.
Several records fell when the Velodrome hosted the world track championships last week, including Boardman slicing eight seconds off the month-old 4,000 metre pursuit time while on his way to gold.
That form and his times during training suggest that he could become the first rider to shatter the 56km barrier, though he will not predict a distance.
"The record is a very good one," added Boardman who sharpened up with a victory in the prestigious Eddy Merckx time trial in Brussels on Sunday.
"There is no way I am going to be complacent about it, but I am in a rich vein of form. I'm getting the maximum benefit from the Tour de France and I want to take advantage of that while I can.
"If I make predictions I only put more pressure on myself to meet that expectation, but 56 kilometres in the hour is a possibility," he added.
Boardman will look for the right window of opportunity between 1700 and 1900 GMT on Friday for the attempt, though he will delay it by a day if the conditions are not right.
He will again use the arms fully outstretched Superman style even though he believes the position should be looked at on safety grounds.
Merckx and Moser both went to altitude in Mexico City to set their records before Obree stunned the cycling fraternity when he came from obscurity to beat the Italian's nine-year-old mark in Hamar in Norway in July 1993.
Boardman knocked him out of the record books four days later before Obree recaptured it the following April. That time he held the record for a little over four months before Indurain eclipsed his distance.
Two months later, Rominger took the record and within a couple of weeks improved it by a massive 1.5km to become the first rider to go beyond 55km.
"At the moment, I don't even know myself if I am going to continue or if I am going to pull out at the end of this year," said the 32-year old Spaniard, whose year has been marked by an unsuccessful sixth attempt at the Tour de France.
Also playing a part in his decision is Indurain's recently falling out with his Banesto team.
"I am competing because I have to," said the Spaniard, unimpressed by having his competition schedule imposed upon him by Banesto.
"I would have preferred to take holidays, but it's the team who hand out the orders," he added, indicating that his morale was flagging.
Indurain, who won gold at Atlanta in the time-trial, has failed to impose his brilliance on the Spanish Tour in the past. His previous memorable success being in 1985 when he held the yellow jersey for four stages.
Last year's winner and cycling world champion, Frenchman Laurent Jalabert is again favoured this year despite his premature retirement from the Tour de France.
``I fear these 23 days could become an eternity,'' he said. ``At this stage nobody should ask me for the same motivation as in the Tour de France,'' Indurain was quoted as saying by Thursday's Spanish sports daily Marca.
Indurain was not happy when his Banesto team told him to ride his first Vuelta since finishing second in 1991, the year he recorded the first of five successive Tour de France victories.
``Right now not even I know if I'll continue or finish this year,'' said Indurain, 32, who recently became a father for the the first time and increasingly feels the demands of life at the top.
As preparation for the Tour de France, Indurain has preferred to ride and twice won the Giro d'Italia rather than the Vuelta. It was the logical choice for a man uneasy with the adulation heaped upon him at home.
But after seeing their hero finish a disappointing 11th in this year's Tour de France, Banesto decided to squeeze as much publicity out of Indurain as possible.
``It's the first time that they've not allowed me to choose the calendar. I take it badly, but I'm a professional,'' said Indurain.
It could also be the last time Banesto dictate to Indurain.
Rumours of his imminent retirement have been reinforced by Banesto's bid to sign Indurain's heir apparent, Abraham Olano.
Indurain recognises the possibility of sharing the team leadership with his fellow Spaniard, having earned the respect of the cycling world in 1995 by sacrificing his own chances to help Olano to the world road race title.
Racing the Vuelta will further disrupt Indurain's preparation for the world championship in Switzerland in October. Along with the Vuelta, it is the only major title that has so far eluded him and one he is known to covet.
But Indurain is quick to play down any talk of tension between himself and Banesto, saying that he would like to continue with the team if he stays in cycling.
``However, after this experience it's obvious that I would have to negotiate the calendar and leave a few things clearer.'' he said.
Although he recognises that he is neither mentally nor physically in peak condition for the Vuelta, Indurain points out that the toughest stages come at the end.
After bouncing back to take the Olympic time trial title, nothing should be ruled out.