The wheel has made a full turn for the veteran galloper Osvaldo - and according to his trainer Brendan McCarthy it might roll on for a while yet.

McCarthy first encountered Osvaldo late in 2007, coaxing a city win out of him as a three-year-old and coming to the conclusion he might amount to something special.

"I thought he might really measure up as a genuine Cup horse, but the value was to sell him to Hong Kong," McCarthy said.

After his Caulfield win Osvaldo had only two more runs for McCarthy before leaving for Hong Kong where he won five races and more than $750,000.

Osvaldo returned to McCarthy earlier this year and at Moonee Valley on Saturday he runs in the Sportingbet Handicap (1000m).

It is a race in which his chances are remote, but McCarthy is hoping to see a glimpse of the ability that had him thinking about a Caulfield Cup back in 2008.

"He's nine-years-old now, so he probably won't be looking at a race like that," he said.

"If he was up to country Cups class I'd be happy with that."

On form, the race appears set up for Last Gift who will attempt his third win on end for trainer Stephen Theodore.

Last Gift ran up to his good country form last start, leading throughout to beat a similar field at Caulfield on July 3.