Ibicenco's chances of making the Melbourne Cup field have improved with the stayer penalised 1kg for his Geelong Cup win.

Racing Victoria handicapper Greg Carpenter announced the penalty on Thursday, bringing Ibicenco's Melbourne Cup weight to 53kg.

Importantly, the OTI Racing import moves from 42nd to 35th in an updated Melbourne Cup order of entry.

The 1kg lift is the same penalty Carpenter gave to OTI Racing's other recent Geelong Cup winners Bauer (2008) and Gatewood (2012).

Bauer went on to be beaten the barest margin by Viewed in the Melbourne Cup but Gatewood didn't make the cut last year.

Ibicenco came to Australia under the care of Luca Cumani for last year's spring carnival and won the 3200m Sandown Cup.

His Geelong victory over Verdant was his second win for Peter Moody but it did little to impress Melbourne Cup bookmakers.

The six-year-old is a $51 chance to emulate Media Puzzle (2002), Americain (2011) and Dunaden (2011) as Geelong Cup winners who have gone on to win the Melbourne Cup at their next start.

Carpenter said Ibicenci's penalty was in keeping with the re-handicapping of the past 10 Geelong Cup winners for the Melbourne Cup.