The Australian collapsed at Royal Lytham a year ago after squandering a four-shot lead with four holes to play and missing a 10-foot putt at the last to force a play-off, handing Ernie Els his second title.
He recovered from that disappointment by winning his first major at Augusta in April and has not ruled out making it a double with the Claret Jug he let slip through his fingers last summer.
The 33-year-old shot a third-round 70 in the 142nd Open Championship at Muirfield to get himself to even par for the tournament, just three behind leader Lee Westwood.
"It would be a fairytale if that [winning on Sunday] were to happen but they do occasionally happen so I'm not counting myself out of it at all," he said.
"It's a good feeling to sit here in this position, It's completely different [to last year].
"I think I go out there tomorrow [Saturday] not carrying the weight of the lead or not having won a major.
"Hopefully I can play enough quality shots to give myself chances to be in the hunt right at the end, but it's a long way off.
"The course can turn around on you in a heartbeat if you're not careful. I'll be treading cautiously tomorrow [Sunday]."
After scores of 71 and 72, Scott was hardly noticed as the focus was on the likes of first-round leader Zach Johnson (who shot a five-under 66) and Miguel Angel Jimenez (Friday's leader on three under).
On Sunday the attention will be on England's Lee Westwood, searching for his first major at the age of 40, who leads on three under and world number one Tiger Woods, who is joint second with fellow American Hunter Mahan on one under.
Scott will be playing with Woods in the penultimate group and knows a good start will put him in the frame.
"I just kind of kept plodding along at even par for most of the week and the lead was six under early, so I was well off the radar," he added.
"But the course is playing tougher every day so I've somehow crept back into it.
"Tomorrow [Sunday] the spotlight is going to be on two guys, it looks like, at the moment and that's great.
"But as soon as you do anything out there you're in the spotlight, too.
"There aren't that many holes to go and I've always liked myself as a front-runner and my record is pretty good front-running.
"If you look at overall tournaments, it's just the first time I led a major I lost it but I'd like to change that the next time I get a chance to lead a major."