Damien Oliver's hopes of winning a record-equalling fifth Caulfield Cup have been boosted with a favourable barrier draw for his mount Snow Sky and a pleasing gallop earlier this week.

Oliver won four Caulfield Cups during the 1990s to move within one of the late Scobie Breasley's record five wins in the 2400m handicap.

It has been 16 years since Oliver's most recent Caulfield Cup victory on Sky Heights.

"It would be wonderful to win another one," Oliver said.

"It's been a while since I won my last one. It's not an easy race to win, it is always a highly competitive race and he (Snow Sky) gives me a good chance."

The Sir Michael Stoute-trained Snow Sky, winner of this year's Hardwicke Stakes at Royal Ascot, came up with barrier three in the capacity field at Tuesday's draw.

"It's a good draw," Oliver said.

"I haven't looked as far as how I'm going to ride him yet, but I'm happy with the draw and the horse's condition. He's a lovely horse."

Oliver had his first ride on Snow Sky at Werribee on Sunday and said it was good to see the horse had arrived and settled in well going into the Caulfield Cup.

"He feels like a high-class horse and I couldn't have been happier with the feel he gave me," he said.

Snow Sky was at $15 before the draw but firmed to $11 while Mongolian Khan is favourite at $4.40 ahead of Set Square at $9.