With his chip lead, he could be calling with any two cards from the BB and has a 1/3 chance of hitting the flop in some way. I'd be calling your raise in his position and I would be putting you on face cards or an ace with a decent kicker, I wouldn't be putting you on a high pair. So I would bet in his position whatever the flop and betting that sort of level (committing all of your chips not mine).
In essence, you might be the favourite but you've got no way of knowing. A re-raise here would either see him fold if he's got no pair and no draw but he'd have to have absolutely nothing not to call it. I don't think it's worth the risk. But, then, I would be happy with a higher place. I wouldn't be playing for first place, unless the cards let me.
You could call and hope for one of your many outs but if it doesn't hit on the turn, IMO, you're going to do your table image no favours by folding on fourth - they'll be better draws to chase.