History is against Dunaden winning a second Melbourne Cup but his owner remains confident in the ability of the horse who has become a favourite in Australia.

Sheikh Fahad Al Thani is yet to leave a spring carnival without a big-race win from his three visits.

That has already been sealed this year with Side Glance's Mackinnon Stakes win on Saturday, but Dunaden is also back to try to add to his enviable Australian record having already won the 2011 Melbourne and Geelong Cups, and last year's Caulfield Cup.

"We love the carnival here," Sheikh Fahad said.

"It's the week I really look forward to in the year. And to have a Group One winner every year we've come here is fantastic."

Dunaden has to lump topweight of 58.5kg on Tuesday which is 4kg more than when he won in 2011 but 0.5kg less than when 14th last year.

No original topweight has won since Comic Court in 1950, and only five horses have won multiple Melbourne Cups.

Sheikh Fahad admits expecting an eight-year-old to improve is hard, but the French galloper has shown he has the quality to make his presence felt.

"He loves Flemington and we know he runs well fresh like last year," Sheikh Fahad said.

"He ran the Caulfield Cup fresh (last year) and I think it was his best performance ever.

"So he can do it again Tuesday. His preparation has been fantastic so we're looking forward to it."

Sheikh Fahad and trainer Mikael Delzangles had been looking at the Prix de l'Arc de Triomphe this year but after Dunaden's eighth place finish in the Group Two Prix Foy, confirmed he would head back Down Under instead.

"Maybe it's not the ideal preparation but he's looking well and is fine in himself so I think he's got a chance," Sheikh Fahad said.

Dunaden will be ridden by Jamie Spencer who won the Mackinnon on Side Glance at his first ride at Flemington.

The owner rates Caulfield Cup runner-up Dandino and Irish St Leger winner Voleuse de Coeurs as the horses he fears most in Tuesday's race.

But another international, Mount Athos, who has attracted support in the past week to be second favourite and was the luckless fifth last year, doesn't concern him.

"I think we've got Mount Athos covered," he said.

Dunaden has also caught the attention of Ed Dunlop who trains rival Red Cadeaux who Dunaden beat by the barest of margins in 2011.

"I think everyone has also forgot about Dunaden," Dunlop said.

"He looks amazing and he's a classy, classy horse. He could defy all the weight he's carrying."