
Whether he breaks the record or not. He has definitely found a place in the history books for his achievements in international events.
A little known fact is that as a child, Michael Phelps was diagnosed with ADHD — Attention Deficit Hyperactive Disorder.
Here is an article from The New York Times on his childhood:
Phelps’s Mother Recalls Helping Her Son Find Gold-Medal Focus
Update:
Phelps won 8 Gold medals at Beijing, crossing the 7 medal haul by Mark Spitz and Larissa Latynina.
Incidentally, there is one other American swimmer who had equalled Mark's record. Matt Biondi took home 5 Golds, 1 Silver and 1 Bronze in the 1988 Seoul Olympics.