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Champion trainer Ciaron Maher is among the prominent figures who have declared the Melbourne Cup the race of their dreams as he eyes a second victory.

Training giant Ciaron Maher has claimed just about every major honour there is to win in Australian racing.

And while there might be greater riches on offer elsewhere, or contests rated more highly by racing purists, there's one test stands out above all else.

It's run at Flemington on the first Tuesday of each November.

"The Melbourne Cup is the race we all grow up dreaming about," said Maher, who last month claimed a stunning double with winners in The Everest and Caulfield Cup on the same day.

"It's the biggest race. It's the race that stops the nation.

"We can all say the other races are as big or better, but it's a race."

Maher has four runners in this year's field of 23 - reduced when longshot Athabascan was ruled out by vets - led by last-start Moonee Valley Gold Cup winner Okita Soushi.

Chris Waller has five, including Caulfield Cup runner-up and leading contender Buckaroo.

But Maher says even that might not be enough for either of the dominant Australian-based trainers to claim a second Melbourne Cup to add to their growing lists of Group 1 triumphs.

"It's a handicap and good horses come from anywhere," Maher said.

"I'm very fortunate and proud that we've got that many in, but you could have eight in the race and still not have the winner.

"It's one of those races."

Those good horses have, in fact, come from around the globe.

Japan is again represented by the Noboru Takagi-trained Warp Speed, while connections of UK pair Sea King, trained by Harry Eustace, and Brian Ellison's Onesmoothoperator will fancy their chances.

Irish master Willie Mullins has brought highly-rated Vauban and Absurde back for a second attempt after missing out last year.

British star William Buick will ride favourite Vauban in his third shot at Cup glory, rating the seven-year-old his best chance yet.

"He's the classiest horse that I've ridden so far," Buick said.

"(Winning) would mean everything, of course.

"I've ridden Australia a few times, the day is amazing itself and it's a race you always try to get a ride in.

"The atmosphere is unbelievable and to win it would be something else."

For Waller, winning again would bring about a new experience, after Verry Elleegant's 2021 victory fell during pandemic restrictions.

"We were on the couch at home. It's a unique experience, that's for sure," the expat Kiwi said.

"Ten seconds after the horse is past the post the phone starts ringing and doesn't stop for many days.

"I've seen the media scrums here at Flemington - the All Blacks would be proud of it.

"They all get around you and there's a lucky person in front of the cameras and microphones delivering the amazing story.

"Every Melbourne Cup has a new story and it is one of sport's great moments."