Having a quarter of the field in Australia's most famous race is no guarantee of success, even for the man who has owned more Melbourne Cup winners than anyone else.

Retired Melbourne businessman Lloyd Williams has six horses in Tuesday's $6 million race, including last year's winner Almandin, as he attempts to add to his record five Cups.

Williams also had six Cup runners in 2013 but only one, Fawkner (6th), finished in the top 10.

The prospect of Almandin becoming only the sixth multiple winner in the Cup's history has the defending champion the sentimental favourite among Williams' 2017 sextet.

"Almandin, my heart says that," Williams said.

Superstar jockey Frankie Dettori desperately hopes Almandin can finally add the Melbourne Cup to his CV, in what will be his 16th attempt over 24 years.

"It would give me a great deal of joy to win the race with him" Williams told radio RSN on Monday.

Williams knows it is a tough race, that requires luck.

"Keep replaying the Makybe Diva three wins and see that Bossy (jockey Glen Boss) had a parting of the ways every time and home she came.

"You need that sort of luck to happen for you."

Trainer Darren Weir had that luck in 2015, with 100-1 chance Prince of Penzance.

"Miracles do happen as you've seen with Prince of Penzance," Weir said.

"He got all the luck in the world, and everyone else's as well."

Weir doesn't mind which of his three contenders get the luck this year - Big Duke, Amelie's Star or Humidor, runner-up to champion mare Winx in the Cox Plate.

"It wouldn't worry me either one, but if I had to lean towards one it would have to be Humidor I suppose."

A record-equalling 11 horses trained in the northern hemisphere are in the field including 2015 runner-up Max Dynamite, one of three runners for Irish trainer Willie Mullins.

Mullins is happy with his entrants and says it's like heading to a Grand National Steeplechase knowing anything can happen.

"The Melbourne Cup is such an open race and probably more open this year," Mullins said.

"I'm hoping we can catch a cheque with one, maybe two and if not all three, but it's very hard to fancy any one of them to win it."

Champion French rider Olivier Peslier believes his horse, the Alain Couetil-trained Tiberian, is the true international horse.

"My horse is very exciting also because the owners are from England, France, Ireland and also from here, so he's like an international horse. So I'm very pleased to come here."

The Cup field is down to 23 after the Chris Waller-trained veteran Who Shot Thebarman's withdrawal.

As of Cup eve, Marmelo is the favourite which would make Hughie Morrison the first English trainer to win the Melbourne Cup.