The Melbourne Cup will be worth a record $8 million with the winner to earn connections $4.4 million.

Prize money for the Melbourne Cup will rise to $8 million with connections of the winner to collect $4.4 million.

Victoria Racing Club chairman Amanda Elliott will officially announce the increase on Tuesday and also the 39 destinations for this year's Melbourne Cup tour.

English-trained horses filled the first three placings in Australia's most famous race in 2018 with Cross Counter beating Marmelo and A Prince Of Arran.