Willie Mullins has a strong Melbourne Cup hand with favourite Vauban and well-backed stablemate Absurde in the running to win the $8 million feature.

Willie Mullins would love nothing more than to mark the 30-year anniversary of Vintage Crop's famous Melbourne Cup breakthrough with his own triumph in the race that stops a nation.

And the legendary Irish trainer believes he has his best chance yet to snare the elusive crown with long-time favourite Vauban and well-backed stablemate Absurde in Tuesday's $8 million feature at Flemington.

But the two raiders face stiff competition in an open Cup field, chiefly from title-holder Gold Trip, Caulfield Cup winner Without A Fight and the Chris Waller-trained Soulcombe.

Mullins has tried many times to win the Cup, coming closest when Max Dynamite ran second to 100-1 shot Prince Of Penzance in 2015 and third to Rekindling two years later.

"This is our best chance. This is the best team we've brought down," Mullins said.

"What I've seen (from Vauban) since I came in on Friday is very good.

"(Absurde) is not far away. If he gets a fair break tomorrow, he has every chance."

Mullins was a punter in the crowd on a round-the-world trip when countryman Dermot Weld took the Cup in its first year as an international race with Vintage Crop in 1993.

Weld won the Cup again with Media Puzzle nine years later.

"It just lit my fire and I never dreamt I'd have one good enough to come down here, but here we are with two real good chances," Mullins said.

"Hopefully one of them can do it.

"We had every shilling we had on (Vintage Crop) and we were supposed to leave the next day but I don't remember what happened for the next four days.

"Whatever happened for the next four days is what brought me back."

Vauban and champion English jockey Ryan Moore will jump from barrier three, eyeballing second-favourite and topweight Gold Trip (two) and highly fancied Soulcombe (four).

Absurde, who has gate eight for Hong Kong-based Australian rider Zac Purton, has been sensationally backed, firming from $21 after Saturday's barrier draw to around $9 on Monday, while Vauban eased slightly to around $4.60.

Trainer Ciaron Maher rates Gold Trip, to be ridden by champion jockey James McDonald, the stand-out of his five runners and a better chance than last year.

If successful, Gold Trip would become only the sixth multiple winner in the 163-year history of the race, and the first since the legendary Makybe Diva's unparalleled hat-trick (2003-2005).

But no horse has lugged 58.5kg to victory in the Cup since Think Big notched his second successive win in 1975.

Soulcombe has been slow out of the gates in recent runs and lost his Caulfield Cup chance when he missed the start by five lengths.

Waller, seeking to add to his 2021 Melbourne Cup success with Verry Elleegant, will take the blinkers off Soulcombe and plans to have jockey Joao Moreira get the Frankel five-year-old active before entering the barriers.

"If we can step away with them, or even one length slow, it will be a big help," Waller said.

"He's good enough to be fighting out the finish. It's an amazing race this year ... but he's up to it."

Gai Waterhouse and co-trainer Adrian Bott have Military Mission and Serpentine in the field as racing's first lady looks to add a second Cup after Fiorente (2013).

Despite Vauban's favouritism, Waterhouse has told punters to back "happy chappy" Military Mission, to be ridden by Rachel King, and also highlighted Without A Fight.

Last year's Melbourne Cup-winning jockey Mark Zahra chose to ride Without A Fight - after their Caulfield Cup success together - rather than attempt to defend his title with Gold Trip.

"Mark's pretty canny and he's jumped ship, so I'd be following Mark," Waterhouse said.

Cleveland was scratched late on Monday because of an elevated temperature, leaving Newcastle-based trainer Kris Lees with one runner in the field - Lexus Archer Stakes winner Kalapour.

Retiring three-time Cup-winning jockey Damien Oliver, who rode Kalapour to victory in that race, faces a nervous wait to see if his Cup mount - Mike Moroney-trained Alenquer - will pass a veterinary inspection on Tuesday morning.

Alenquer showed signs of soreness in the near fore hoof after trackwork on Sunday.