The noun has 3 meanings:
Meaning #1:
a competitor thought likely to win
Synonyms: front-runner, favorite
Meaning #2:
a special loved one
Synonyms: darling, favorite, pet, dearie, deary, ducky
Meaning #3:
something regarded with special favor or liking
Synonym: favorite
The adjective favourite has 2 meanings:
Meaning #1:
appealing to the general public
Synonym: favorite
Meaning #2:
preferred above all others and treated with partiality
Synonyms: favored, favorite, pet, preferred
