Flamboyant billionaire Dr Marwan Koukash has repeated his promise to accept the Melbourne Cup trophy in his G-string if his horse Magic Circle wins on Tuesday.

Flamboyant British billionaire Dr Marwan Koukash is determined to celebrate winning the Melbourne Cup in a way no owner has before: by stripping down to his G-string.

The colourful businessman insists his horse Magic Circle will win on Tuesday and is just as adamant his acceptance speech will be like no other.

"When we win - not if we win, when we win - Flemington will see the most colourful presentation than it's ever had before and is unlikely to ever have it again," he declared.

"I will - and no one here is going to stop me, even with the threat of a ban for life - I'm going to strip down to my g-string, keep my tie and my shoes, and I will get up and receive the trophy."

Dr Koukash has been repeating his g-string promise over and over since arriving in Melbourne, after having first made the pledge in August after landing his 500th British winner.

He also threatened to collect the Chester Cup wearing only a tie, but had to settle for a lap of the winner's enclosure after Magic Circle gave him a fourth win in the big British handicap in May.

Dr Koukash dismissed the suggestion he was all talk and no action, blaming the security at Chester.

"I have more experience now to evade security.

"It's going to happen. They aren't going to stop me," he declared, before modelling a G-string over his jeans on Sunday.

Joking - or not - aside, Dr Koukash really wants to win a Melbourne Cup.

He has tried a few times already, getting his best finish with Mount Athos' third in 2013.

"There are only two Cups I'd love to win, one is the Chester Cup and the other one is the Melbourne Cup."

While the bookies believe Yucatan will deliver six-time winning owner Lloyd Williams another Melbourne Cup, Dr Koukash is delighted Magic Circle is currently sitting second pick.

"I'm living the dream.

"Any owner in the world would dream of having a runner in the Melbourne Cup.

"Not to only have a runner but to have one of the favourites in the Cup, it's great mate, absolutely wonderful."

While the Victoria Racing Club said it embraced the passion people from across the globe have for Australia's great race, it doesn't plan to let Dr Koukash flout its strict dress code of suit and tie for men in the Flemington members' areas.

"We love the enthusiasm to celebrate in his own way but think it would be a shame for Dr Koukash to miss the presentation due to a wardrobe malfunction," VRC CEO Neil Wilson said.