Fame Game is the short-priced favourite to win one of the toughest Melbourne Cups in year, although it could be anyone's race.

Japanese galloper Fame Game is the horse everyone wants to beat in the Melbourne Cup.

The six-year-old could only manage sixth place in the Caulfield Cup but has retained his short-priced status going into Tuesday's $6.2 million race.

If the world's richest handicap race came down to sentimentality, the winner would have to be three-time runner-up Red Cadeaux in his fifth attempt in as many years.

Yet the 10-year-old crowd favourite's shining moment could be undermined by his own stablemate Trip To Paris, who has received heavy support in betting since Saturday's barrier draw.

Their English trainer Ed Dunlop rates the Melbourne Cup field as the strongest he has come up against.

It is second favourite Trip To Paris who trainer David Hayes believes will be the toughest competition as he tries to win a second Melbourne Cup with Criterion and Almoonqith.

Big Orange's English trainer Michael Bell also rates the Caulfield Cup runner-up.

"Trip to Paris ran a very good race in the Caulfield Cup for his second," Bell said.

"I think probably no one deserves to win the Cup more from overseas than Ed Dunlop."

Trip To Paris' jockey Tommy Berry believes the Ascot Gold Cup winner has the best form going into the race and can give Dunlop his first Melbourne Cup.

"Fame Game was very unlucky and he's definitely the horse to beat but I don't think you can look past my horse," Berry said.

There are 11 overseas-trained Cup runners - an equal record - and another seven imported from Europe in the 24-horse field.

Champion Irish jumps trainer Willie Mullins predicts Max Dynamite will be the first European over the line on Tuesday.

"His flat form mixes in with the best of the Europeans so I don't see why he couldn't be the first European horse home. If that's good enough to win that'll do me."

It appears unlikely that Red Cadeaux will come back for a sixth Cup attempt next year, although Dunlop won't reveal if Tuesday's race before an expected 100,000-strong crowd will be the popular gelding's last run.

Bell hopes Big Orange, the first horse he has had in an Australian race, can become the first English-trained Melbourne Cup winner.

"We've won the Ashes a few times so it would be nice to win a Melbourne Cup."