World No.1 Victoria Azarenka will defend her Australian Open title against popular Chinese star Li Na on Saturday.

Li stunned Russian Maria Sharapova to reach her second Australian Open final, when she ended the second seed’s spectacular run with a 6-2 6-2 win in 1 hour 33 minutes.

Azarenka dispatched 19-year-old American Sloane Stephens 6-1 6-4 in 1 hour 41 minutes – but not before Stephens had saved five match points and the top seed had left the court for treatment on a shoulder problem at 5-4.

“I almost did the choke of the year,” Azarenka said.

“I had so many chances and I couldn’t close it out.

“I was overwhelmed realising I was just one step away from the final and the nerves got the better of me.

“It was important to overcome this and be back in the match. I just couldn’t lose – I’d be so upset,” she said.

Sharapova’s loss means Azarenka retains the world No.1 ranking.

The Belarusian broke Stephens in the first game and again in the fifth and seventh to whip through the first set in 33 minutes.

In the second, Stephens managed two service breaks but failed to capitalise on them as Azarenka served out the match after some nervous moments.

Sharapova made an ominous start against Li with a double fault on the first point of her opening service game and was broken for the first time in the tournament when she netted a return.

Li held to lead 2-0 then broke again for 4-1 with a cross-court return.

Sharapova fought her way to three break points in the sixth game and finally secured the break when the Chinese player missed a return.

Li returned the favour in the following game to lead 5-2, meaning – in less than a set – the Russian had lost the same number of games as she had in her first four matches combined.

The sixth seed then took the first service break in the second set to remain on track with a 3-2 lead, grabbed a second at 5-2 and served out the match.

Sharapova, the 2008 champion, had set a new Australian record in conceding just nine games in all her matches en route to the semi-finals.

Li was a huge hit as she made her way to the 2011 final, before losing to Belgian Kim Clijsters, and has lost none of her crowd appeal.

“Every time I come back here … I don’t know what it is – I always play well here,” Li said.

She has credited her competitiveness at 30 to a rigorous off-season routine with coach Carlos Rodriguez, but said she was ready to be self-motivated now.

“He doesn’t need to push me any more – I will push me,” she said.

Sharapova said she felt powerless against Li.

“She played a really great match, she certainly was much more aggressive than I was and was dictating the play,” Sharapova said.

She said she could not use the fact she had breezed through her previous rounds as an excuse.

“When I go into any match, I try to win with the best scoreline I can.

“I felt I had my fair share of opportunities – I just didn’t take them,” she said.