Racing Victoria has tweaked some of the entry conditions for next year's All-Star Mile.

The 2020 $5 million All-Star Milewill be held at Caulfield on March after Tasmanian-trained filly Mystic Journey won the inaugural race at Flemington earlier this year.

The core structure of the race remains the same with the top 10 runners in the weight-for-age contest chosen by public vote.

Next year's race will have five wildcards instead of four which will be chosen by an RV and Melbourne Racing Club selection panel.

There will be "two win and you're in" races with winners of the Futurity Stakes at Caulfield and Flemington's Blamey Stakes given a berth.

An increase to the minimum rating for horses four years old and above will see stricter entry conditions next year.

The inaugural running saw three and four-year-olds with a handicap rating of 70 allowed to nominate, but that has been extended to 80 for horses older than four.

A minimum performance criteria has been introduced at nomination stage, requiring horses to have been placed first, second or third in a Group or Listed race since February 1, 2019 or earned at least $20,000 for being placed first, second or third since that date.

Nominations close in January.

Minor prize money tweaks were also announced with sixth to eighth now to collect $120,000, ninth and tenth $100,000 and 11th to 15th $50,000 changing from $90,000 for sixth to last this year.

RV executive general manager racing Greg Carpenter said the changes ensure the All-Star Mile retains the unique opportunity for fairy-tale stories to emerge.

"In building the race conditions for The All-Star Mile 2020 we wanted to consider the learnings from year one, whilst ensuring we retained the essence of the race," Carpenter said.