Herbert Power Stakes winner The Chosen One has been given a half-kilogram Melbourne Cup penalty for his victory in the Group Two race.

The Murray Baker and Andrew Forsman-trained New Zealand stayer also passed the first ballot clause with his 2400m-win and now has 52kg in the Melbourne Cup (3200m) on November 5 and is No.37 in the order of entry.

Racing Victoria executive general manager - racing, Greg Carpenter, announced the penalty on Monday.

"In winning the Group Two Herbert Power, The Chosen One won exemption into the Caulfield Cup, and under the conditions of that race could not be penalised and will run with 52kg," Carpenter said.

"The Chosen One was, however, eligible to be penalised for the Melbourne Cup and it was appropriate to acknowledge he is a quality four-year-old with an emerging form line.

"While he already meets most rivals from Saturday on worse weight terms in the Melbourne Cup, he was strong at the end of the contest on Saturday, so the decision was made to issue a 0.5kg penalty to amend his Melbourne Cup weight to 52kg."

The Chosen One is an $11 chance in the Caulfield Cup and $26 in the Melbourne Cup.

Second declarations for the Melbourne Cup will be taken on Tuesday.