The Caulfield Cup will be worth $3 million as part of three key changes to the Melbourne Racing Club's spring carnival.

Stakes for the Caulfield Cup will increase from $2.5 million while a $750,000 race for three-year-olds, to be called the Caulfield Classic, will be introduced.

The revamp will also include shifting the Group One Thousand Guineas from a midweek timeslot to the Caulfield Guineas meeting on the opening day of the carnival.

Winners of both features will be eligible for a $250,000 bonus if they can win the Caulfield Classic a week later.

In a move aimed at consolidating the Caulfield Cup's status as one of Australia's four grand slam races, there will also be changes to the 2400m handicap's balloting conditions.

"It had been almost a decade since our flagship race had enjoyed an expansion of this nature," MRC chairman Mike Symons said.

"Along with these immediate changes, we have refined our recruitment strategy and are in the process of strengthening our resources to that effect.

"It's important to note that this refurbishment of our carnival is not a short-term commitment, and is the result of careful planning and investment from the club over a lengthy period."