Outsider King Of Leogrance has been scratched from the Melbourne Cup, leaving a field of 23 to compete in Australia's iconic race.

The Danny O'Brien-trained stayer was inspected by Racing Victoria veterinarians on Tuesday morning at the request of the stable and was found to be lame.

The Adelaide Cup winner had been a $51 chance in pre-post markets.

O'Brien, who won the Melbourne Cup last year with Vow And Declare, will still have a strong hand in Tuesday's race with three runners.

Russian Camelot is considered his best hope and will be joined by stablemate and last-start Moonee Valley Cup winner Miami Bound, while Vow And Declare returns to attempt a title defence.

The TAB has reported some early money for international raiders Twilight Payment and Tiger Moth, while local hope Surprise Baby has also been the subject of some substantial wagers.