Kiwi businessman Gerard Peterson will hunt his second Melbourne Cup win on Tuesday, with the Chris Waller-trained Preferment a remarkable 24th runner he has had in the great race.

Peterson celebrated Cup success with the Michael Moroney-trained Brew in 2000 and went within a whisker of a second win when Bauer was nosed out in 2008.

"This is probably the most favoured horse I've had go into the race. He's the third favourite and Chris says he's going along really well," Peterson told NZ Racing Desk.

"The only query is whether he'll see out the two miles because he's never run it before. He was three-wide throughout in the Victoria Derby and he still won that so that gives me heart and he's by Zabeel too."

It will be the 16th straight year that Peterson has had a share in a Melbourne Cup runner, though he will be hoping it has a happier ending than his last runner.

Araldo, who finished seventh in last year's event, was spooked coming back to scale and broke his leg, leading to the horse being put down.

Peterson said he loved the thrill of the Melbourne Cup, and having Preferment as such a leading chance was an exciting prospect.

"He'll go well. Fame Game and Trip To Paris look the dangers. Actually I recently celebrated my 60th birthday in Paris, so I've taken that horse in quinellas and trifectas around Preferment."