A Caulfield Cup tilt with Fawkner has been almost a year in the planning.

And part-owner Nick Williams is confident the galloper will come up trumps in the $2.5 million race on Saturday.

Punters agree with the TAB reporting Fawkner had been the best backed runner this week, firming from $12 to $10 since Wednesday's draw.

Seemingly adding weight to the chances of Fawkner in the feature 2400m handicap is the fact prominent owner Lloyd Williams - who is yet to win a Caulfield Cup - decided not to run a number of the gelding's stablemates including Melbourne Cup winner Green Moon, highly rated import Sea Moon and last start Metropolitan winner Seville.

Nick Williams, the son of Lloyd, said Fawkner had been identified as a Caulfield Cup horse last November.

"And we're confident he'll win," Williams said.

"The barrier is fine, the jockey (Nick Hall) is in great form and the horse is in great form. We're very confident."

Fawkner stamped his Caulfield Cup credentials with a third in the Turnbull Stakes (2000m) last start which Williams said was a perfect lead-up.

Lloyd Williams has been the winning owner in a Melbourne Cup four times, including last year with Green Moon, but his best results in the Caulfield Cup have been seconds with Nayrizi in 1989 and Green Moon in 2011.

"When we sat down and looked at everything in the cold hard light of day it was really clear where the other horses should be going and where Fawkner should be going," Nick Williams said.

"He was always going to be our best chance in that race and I think he'll run very well."

The Chris Waller-trained pair of Hawkspur and Royal Descent are the top two in the TAB market but Hawkspur has drifted from $4.50 to $5 on Friday while Royal Descent has remained at $6.50.

Waller is chasing his first victory in one of Australia's four major races - Melbourne Cup, Cox Plate, Caulfield Cup, Golden Slipper - while a number of high-profile jockeys are on the verge of milestones if successful on Saturday.

Craig Williams is aiming for his third-straight Caulfield Cup win when he rides international Dandino while Damien Oliver can equal the record of Scobie Breasley with his fifth Caulfield Cup if he can get home on Jet Away.

Glen Boss needs victory on Silent Achiever to become the eighth jockey to complete the grand slam while Jim Cassidy - who is one of the seven to have won the four - is aiming for his 100th Group One success when he partners favourite Hawkspur.

"As I've said all along it will happen but it would be nice to bring it up in one of the majors and let's hope it happens on Saturday," Cassidy said.