Champagne Cath has been ruled out of the Magic Millions Classic but the impressive debut winner could still be aimed at the Golden Slipper.

The Chris Waller-trained filly was set to line up at Canterbury on Saturday with the $2 million Magic Millions Classic on January 12 at the Gold Coast also on her agenda.

Waller said Champagne Cath was mildly lame but would remain in the stable and be given the chance to grow and mature during the next month before a decision was made on a Golden Slipper preparation.

"She couldn't have run anywhere near her best tomorrow and if we ran her we would have been risking her future," Waller said.

"We decided to pull the pin and give her a chance to grow and develop and we'll see where she is in four weeks time.

"If she's not there yet, she'll be a very good three-year-old."

Champagne Cath was favourite for Saturday's ATC Membership On Sale Now Plate (1200m) and was also high up in betting for the Magic Millions.

An impressive winner of her only start at Rosehill earlier this month, Champagne Cath was due to be ridden by Corey Brown at Canterbury.

Brown was stood down at Gosford on Thursday after injuring his shoulder in a barrier mishap but has declared himself fit to ride on Saturday.