Bookmakers don't think Ironstein can cause a Group One upset at Randwick on Saturday but the veteran stayer's trainer Gerald Ryan thinks otherwise.

Ironstein takes on the well fancied Prince Cheri ($4.80) and Moriarty ($4.60) in the Metropolitan (2400m) and is a $17 chance in the early markets.

Ryan believes he is in the same form as two years ago when he narrowly missed a start in the Melbourne Cup and went on to win the Queen Elizabeth Stakes a few days later.

Last year he ran second in that race to Puissance De Lune and the Queen Elizabeth is again in the back of Ryan's mind, but he is aiming a bit higher this time around.

"He seems to go really well at this time of year and I couldn't be happier with him," Ryan said.

"He is terrific in himself, his coat's good and he's been racing really well.

"If he can win the Metropolitan he will go to the Caulfield Cup or the Geelong Cup and try to get into the Melbourne Cup.

"I've never had a Melbourne Cup runner and I'd like to."

Among Ironstein's owners is his breeder John Singleton who is also more than keen to win a Melbourne Cup.

The eight-year-old has drawn barrier three at Randwick with Brenton Avdulla to ride.

"He will get a nice run from there," Ryan said.

"There should be no excuses."

Ironstein goes into the Metropolitan off a long head second to Less Is More in the Premier's Cup followed by an unlucky fifth, beaten less than two lengths, in the Hill Stakes (2000m) won by Moriarty.

He finished fourth in the Metropolitan two years and goes to Saturday's race carrying 52.5kg, the lightest weight he has had since.

The David Vandyke-trained Prince Cheri is also chasing a Caulfield Cup berth and needs to win and get a penalty to confirm a spot in the field.

As things stand, the former French horse has 51kg in the Caulfield Cup (2400m) on October 19.

The winner of Saturday's Turnbull Stakes (2000m) at Flemington is guaranteed a place in the Caulfield Cup and cannot be rehandicapped.