Stud-bound multiple Group One-winner Preferment's wait for suitable racing conditions looks set to continue with trainer Chris Waller indicating he will not run in the Group Three Japan Racing Association Plate at Randwick unless the track is upgraded significantly.

The five-year-old has not run since finishing last in the Group One Chipping Norton Stakes behind stablemate Winx at Randwick on February 25, with his performance on the heavy track emphasising his dislike of wet ground.

Waller had hoped to line Preferment up in the Ranvet Stakes and Queen Elizabeth Stakes but scratched him because of the wet and with Randwick in the heavy range for Saturday, the 27-race veteran might have to wait until the Queensland winter carnival's Group Two weight-for-age Hollindale Stakes (1400m) on the Gold Coast on May 6.

"There's only one thing to consider and that's the tracks. You won't see him run unless it's at least a soft seven and improving," Waller said.

"If he doesn't race (Saturday) he'll go fresh up in the Hollindale."

Since his Chipping Norton flop Preferment, whose most recent victory was the Group One BMW at Rosehill last year, has had two barrier trials to stay in race mode for what will be his last campaign.

"A few studs have shown some interest with him being a son of Zabeel and a four-time Group One winner. He deserves a really good home," Waller said.

Preferment, who has amassed $3.4 million prize money since his debut at Sandown in July 2014, also includes a Victoria Derby (2014), Turnbull Stakes (2015) and Australian Cup (2016) among his Group One successes.

Waller said it was unfortunate his exploits had been diminished by his stablemate, super mare Winx.

"He's won so many good races but she sort of overshadows him a little bit."