Retiring great Damien Oliver missed out on the Melbourne Cup but claimed a consolation prize when he steered Wiggum to victory in the Schweppervescence Plate.

Champion jockey Damien Oliver has missed out on a fairytale Melbourne Cup send-off in his final ride in the race that stops a nation.

But the 51-year-old didn't leave Flemington on Tuesday empty-handed, piloting Wiggum to victory in the Schweppervescence Plate.

Oliver, who will call time on a glittering career next month, was chasing a record-equalling fourth Cup victory in his 32nd attempt.

He took the reins of Alenquer in the 3200m handicap after the Mike Moroney-trained six-year-old was cleared by vets hours before the feature event.

Alenquer had presented with a stone bruise after trackwork on Sunday, casting doubt over his place in the race and leaving connections with a nervous wait.

He had a hoof pad applied by vets to take his place alongside 22 rivals but finished in the tail of the field.

"I had a good run; I just would have liked him to relax a little bit better," Oliver said.

"Probably just for mine at this stage didn't run out a strong two miles."

Winning jockey Mark Zahra, who piloted Without A Fight to victory after his triumph last year with Gold Trip, revealed Oliver still had a small role in the outcome.

Zahra followed rival jockeys Oliver, James McDonald (Gold Trip) and Ryan Moore (Vauban) to find a spot from which to launch his successful surge.

Without A Fight beat the Chris Waller-trained pair Soulcombe and Sheraz past the post.

"Even though Ollie wasn't on the best horse, you know he's going to take you to a certain point," Zahra said.

"In these big races you've got to be following the right jockeys as well.

"They got me to probably the 800m and then it was just a matter of finding where I could go.

"I've gone from fifth-last on the fence to right behind the favourite in Vauban and I've surged, and I'd spent no energy doing that.

"I thought, 'If I get out here, it's all over'. Then once Gold Trip wobbled a bit, it was game, set and match."

Oliver's earlier success with Wiggum extended his already imposing Melbourne Cup carnival record to 88 career wins after he rode a double on Derby day.

"(It's a) big day, Cup day here," Oliver said.

"Beautiful weather and a big crowd, so it's nice to get one Cup day."

It was Oliver's first ride on the Travis Doudle-trained Wiggum.

"He's a little bit new and not the sharpest tool in the shed, so if he had something to follow it would be good," Oliver said.

"He travelled really well with the shades (blinkers) on and when I peeled off their backs I thought, 'He's going to be hard to beat'. And he was."

Oliver won the Melbourne Cup aboard Doriemus (1995), Media Puzzle (2002) and Fiorente (2013).

Only legendary jockeys Harry White and Bobbie Lewis have ridden more Cup winners, with four victories each.