The $1.5 million Victoria Derby is one of four Group One races headlining the opening meeting of the famous Melbourne Cup carnival.

Acceptances for Saturday's Derby Day program will be taken on Wednesday.

Along with the Derby, Saturday's nine race program at Flemington features the $500,000 Group One Coolmore Stud Stakes for three-year-old sprinters, the $500,000 Myer Classic for fillies and mares, and the $1 million weight-for-age Mackinnon Stakes.

The Group Three Lexus Stakes (2500m) gives a host of stayers a last-ditch opportunity to clinch a Melbourne Cup start with the winner of the Lexus earning a ballot exemption.

The Mick Price-trained Tarzino is the clear-cut favourite for the Derby ahead of the barrier draw.

Derby Day is the first of four feature meetings at Flemington which comprise the Melbourne Cup carnival.

It is followed by the Melbourne Cup on Tuesday, the Oaks meeting on Thursday and the Emirates Stakes on the second Saturday.