Melbourne Cup winner Fiorente is a step closer to a return trip to England following an irresistible return to racing at Caulfield in which he asserted himself as the brightest star in Australian racing.

Trainer Gai Waterhouse has confirmed the Australian Cup at Flemington in two weeks and the $4 million Queen Elizabeth Stakes at Randwick in April as the immediate targets for the horse who has staked his claim as the most successful imported galloper ever to race in Australia.

"And then there is Royal Ascot to think about," Waterhouse said.

"He's had his inoculations, it's definitely on the agenda."

After looking beaten at the 200m, Fiorente, the $2.15 favourite, proved supreme at the finish, scoring by a short-head from Mourayan ($151).

Star Rolling ($7.50) held on courageously to third place after leading.

Waterhouse said she had complete confidence in her horse even though he appeared to be under pressure and two lengths off the lead with 200m to run.

"I knew he'd find something, he always has, he's an absolutely super horse," she said.

"And there's plenty more of him to come."

Fiorente became the 12th horse to win the Melbourne Cup and then return to win the Peter Young (formerly St George Stakes) in the autumn and the first since Let's Elope in 1992.

He will again follow the lead of Let's Elope who won the Australian Cup at her next start.

Waterhouse said she hasn't finalised a Sydney program for Fiorente, but she said it would almost certainly culminate with the Queen Elizabeth, the showpiece of Sydney's two-day Championships meeting.

He would then be prepared for what would be his third Royal Ascot campaign, having raced at the UK's premier meeting in 2011 and 2012 when trained by Michael Stoute.

"The thing about him is he's so lightly raced," Waterhouse said.

"He's a six-year-old but he's only just reaching his peak."