Trainer Ed Dunlop has reflected on the career of Red Cadeaux as the three-time Melbourne Cup runner-up recovers from a career-ending leg injury.

Trainer Ed Dunlop has paid tribute to the most popular English horse to visit Australia.

Three-time Melbourne Cup runner-up Red Cadeaux suffered a career-ending injury in his fifth attempt at the race on Tuesday.

Things look grim when Gerald Mosse pulled him up in the straight but the jockey's quick thinking to jump off and keep him calm until vets arrived helped ensure the best outcome when he suffered a sesamoid fracture.

"Things are looking bright for Red Cadeaux," Dunlop said on his website.

"Surgery was performed on Wednesday and he has taken this, and the early stages of the recovery process, as well as we could have hoped.

"I must offer heartfelt thanks to the veterinary team, both on course and at the University of Melbourne Veterinary Hospital Equine Centre, for their magnificent efforts.

"Each and every individual involved was superb and they are the reason he is still with us.

"With his life now stable, I wanted to pay tribute to Red Cadeaux the racehorse. He won't be remembered for his win record, but every other aspect of his profile has been simply astonishing.

"Three continents, eight countries, five Melbourne Cups, three pixels from history in 2011, the highest-earning British-trained racehorse ever and only an agonising whisker shy of becoming the first to break the $US5 million ($A7 million) barrier.

"He's tough, durable and a hardy trier, but he's relaxed enough to travel and a kind horse to boot. He embodies many of the aspects a trainer longs for in his horses and while he doesn't have a flashy pedigree or wasn't an outstanding yearling, he's proof that quality can come in many forms.

"His owner, Ronnie Arculli, was the driving force behind his first Melbourne Cup bid and has allowed him to be campaigned bravely and innovatively since."

Dunlop said he had been swamped with offers of a retirement home for Red Cadeaux with that decision to be made by Arculli who has previously flagged Melbourne's Living Legends as an option.