Gai Waterhouse will have a better idea after Nayeli runs at Caulfield whether she is the filly that can give the trainer the only Group One juvenile prize missing from her trophy cabinet.

Waterhouse has never won the Blue Diamond Stakes - one of five Group Ones in Australia for two-year-olds - but Nayeli will press her claims for the February 22 feature when she runs in Saturday's Group Three Chairman's Stakes (1100m) at Caulfield.

Nayeli is one of three leading chances for Waterhouse at Caulfield with Laidback Larry also favourite in the Listed Mornington Cup Prelude (2000m) while talented colt Bull Point has been well-supported in the Group Three Manfred Stakes (1200m).

Nayeli made a good impression winning over 1000m on the Kensington track earlier this month, defeating subsequent Inglis Classic winner Peggy Jean by two lengths.

Waterhouse's stable representative Mark Newnham said the Blue Diamond had been Nayeli's aim even before the daughter of More Than Ready's debut.

"So long as she ran up to what Gai thought she would do on debut, that (Blue Diamond) was always the target," Newnham said.

"She's a really nice filly with a lovely big stride.

"The form out of the race is very good. She really hit the line strongly and even though it's only a slight step up in distance tomorrow, it looks suitable."

Nayeli is the $3.20 favourite ahead of last-start Flemington winner Bugatty at $4.80.

In Blue Diamond betting Nayeli is at $15 along with stablemate Francesco who will run in next Saturday's colts and geldings Prelude.

Waterhouse's best Blue Diamond results have been seconds with No Looking Back (2012) and Wager (2004).

Australian Guineas-bound Bull Point resumes for the first time since his eye-catching third in the Golden Rose in September and has firmed from $4.20 to $3.40 with TAB fixed odds in the Manfred with Prince Harada slight favourite at $3.20.

"Gai has been down to Melbourne and watched him work and is more than happy with him. She thinks he's ready to go," Newnham said of Bull Point.

Stayer on the rise Laidback Larry, meanwhile, has won three from three this preparation in Sydney and takes another step towards the Mornington Cup in Saturday's Prelude.

"He's really progressing through the grades quickly and even though they have only been benchmark races, it's the way he's won that has been impressive," Newnham said.

"He has won by big margins each time, running fast sectionals."