Prince Of Penzance will attempt to become just the second horse in almost 70 years to win the Moonee Valley Gold Cup twice.

And one of Prince Of Penzance's rivals at Moonee Valley on Saturday will be 10-year-old Precedence who has won the race twice in the past five years and chases a third victory in the 2500m event.

Precedence, winner in 2010 and 2013, is the only horse since Valcurl in 1945-46 to win the Moonee Valley Gold Cup twice.

Michelle Payne was aboard Prince Of Penzance when the stayer won by 1-1/4 lengths a year ago and Payne is hoping the re-application of blinkers on Saturday for the first time this campaign can help the gelding bounce back to winning form.

The six-year-old is yet to win this spring and was beaten almost eight lengths last start in the Herbert Power Stakes (2400m).

"He was a bit disappointing last time but he had a lot of weight and I felt he didn't come out of the barriers that well and he pulled up with a little bit of soreness in behind," Payne said.

"So they've been working on him and hopefully they've got him right and he's got the blinkers back on and it seems to be what he needs now he's getting older.

"He raced well in them last time and I'm hoping he can bounce back."

Payne believes the Moonee Valley surface is also suitable for Prince Of Penzance who is the $4 favourite ahead of The United States ($4.20) while Bondeiger is at $5 and Bohemian Lily is at $6.

The James Cummings-trained Precedence will line up in his fifth Moonee Valley Gold Cup.