Pedrosa won the last two rounds in Spain and France to open up a six-point lead over rookie team-mate Marc Marquez at the top of the standings.
Despite the season still being in its infancy, Pedrosa appears to have his best chance to date of securing his first world title in the top class.
The 27-year-old is brimming with confidence as he heads to the sweeping Tuscan track, where he won in 2010.
He said: "After the race in Le Mans, I've managed to relax this week and I feel good physically.
"Mugello is a nice track and one that I really enjoy to ride.
"It's a fast track with long corners so it's important to have a good feeling with the bike. Usually the weather is good to us and there is a great atmosphere with all the fans there.
"I am leading the championship which is very special so I hope we can arrive in Mugello, that the bike works well there too and we can do another good race."
Victories at Mugello were once the sole preserve of Valentino Rossi.
The Italian won his home round seven times in a row from 2002 to 2008, but has not tasted victory there since.
After a fall in the wet at Le Mans cost him a healthy haul of points last time out, the Yamaha rider is keen to get back on track at a circuit he loves so much.
He said: "I am very happy that we are going to Mugello. I love this track and I'm really happy to go back there with Yamaha.
"This is a track that I really like and a good result is important.
"Unfortunately we are still not fast enough so we need to improve, especially in dry conditions. We must work hard and improve the bike.
"The Mugello race will be difficult, but we will try to do everything to get the best result. A podium would be really nice."