Japanese horse Danon Premium has been installed favourite for the Queen Elizabeth Stakes in Sydney after reports he was being aimed at the $4 million race.

The five-year-old holds a win over Japan's horse of the Year, Cox Plate winner Lys Gracieux, beating the mare in a Group Two race in March 2019.

He was among original entries for the Dubai World Cup carnival in March.

The TAB reacted to the news he was being aimed at the Queen Elizabeth Stakes (2000m) at Randwick on April 11 by posting him at $4.50 ahead of Cox Plate runner-up Castelvecchio at $6.

Japanese visitor Kluger finished second in the 2019 Queen Elizabeth, won by champion Winx in her final race.

The Queen Elizabeth remains as a betting proposition for Japan after the announcement the Caulfield and Melbourne Cups were among races dropped from their wagering coverage.