Scottish-trained Nakeeta has again collected a prize money cheque for connections at his second Melbourne Cup attempt.

Nakeeta earned his owners $150,000 with his 12th-placed finish in Tuesday's $7.3 million race at Flemington.

The Iain Jardine-trained galloper finished fifth behind Rekindling in last year's race, earning a cheque for $175,000.

Managing part-owner Darren Dance, from Australian Thoroughbred Bloodstock, said the stayer was due to return to Europe next Wednesday.

Dance thought as the field made its way to the final 400m on Tuesday his Melbourne Cup dreams were about to be realised.

"He was going to run into it, but because he couldn't get out he had to go up inside on that inferior ground," Dance said.

"Those horses that were down there just stayed there and then that big wave came out wide and swamped us.

"I'm pretty proud of the horse and I would say it's probably his best run for the year."

Whether the gelding returns for a third Melbourne Cup assault remains to be seen.

Dance said after Nakeeta returns to Scotland the team of owners would sit down with Jardine and work out a program for next year.

He suggested a campaign in Dubai at the World Cup meeting in March could be on the agenda.

"Maybe we could go to Dubai and get some oil," he said.