Precedence, Bart Cummings' only chance to win this year's Melbourne Cup, has moved up the order of entry with a one kilogram penalty for his Moonee Valley Cup win but is still not guaranteed a start.

Racing Victoria's chief handicapper Greg Carpenter announced the penalty on Monday with Precedence now on 53kg and 29th in the Melbourne Cup order of entry with a field limit of 24.

He will now need to rely on attrition if he is to compete in his fourth-straight Melbourne Cup or win a ballot exempt race - the Lexus or Mackinnon Stakes - on Saturday.

"The penalty is the same given to Vatuvei for winning the 2012 renewal at Moonee Valley and does not guarantee the horse a start in the race," Carpenter said.

"With the top 24 at final acceptance time allotted a start, Precedence must win the Mackinnon or Lexus Stakes at Flemington on Saturday or rely on attrition to get into the final field."

If he sneaks into the Cup field, Precedence would become the legendary Bart Cummings' 88th Melbourne Cup starter and a first for his grandson and new training partner James.

Bart Cummings has won the Melbourne Cup a record 12 times, most recently in 2008 with Viewed.

Precedence has finished eighth, 11th and ninth in his three previous Cup attempts.

James Cummings had anticipated a 1kg penalty.

"We're all pretty enthusiastic about trying to get him into the Cup. It will make for a pretty special day," he said.

The latest round of Melbourne Cup declarations were taken on Monday with 47 horses still paid up for the $6.2 million race.

The high-profile non-acceptors at the latest stage included It's A Dundeel, long-time favourite Puissance De Lune, Australian Oaks winner Royal Descent and import Manighar.