Melbourne Cup-winning trainers Charlie Appleby and Joseph O'Brien have declared their intention to return to Australia this spring.

The pair will again take aim at the $8 million Melbourne Cup at Flemington after watching members of their teams perform with distinction at Royal Ascot.

The Ascot Gold Cup, won by John Gosden's champion stayer Stradivarius for the second year in a row, will be a key form reference to this year's Melbourne Cup after O'Brien's talented Australian-owned stayer Master of Reality finished third ahead of Appleby's Cross Counter in fourth.

O'Brien indicated his intention to set Master Of Reality for the Melbourne Cup as the four-year-old stallion by Frankel is owned by six-time Melbourne Cup winning owner Lloyd Williams and his son Nick Wiliams.

"It's definitely high on his agenda now," O'Brien said. "We'll chat with Lloyd and Nick and see what they would like to do but he will have an entry for sure.

"We were beaten by an extraordinary horse. It was a huge run.

"I'm delighted. He's a really exciting horse for the rest of the season."

Last year's Melbourne Cup winner Cross Counter finished fourth, leaving Appleby delighted by the performance and already questioning the Melbourne Cup weight he will be allocated by Racing Victoria handicapper Greg Carpenter.

"He ran a solid race, stepping up in these conditions," Appleby said. "He just got out stayed in the end by a great champion stayer in Stradivarius.

"He will drop back to the two miles and go to the Goodwood Cup.

"Then we will see what Mr Carpenter will do to us towards hopefully having a return to Melbourne for another crack at the Melbourne Cup."