It's A Dundeel has been replaced as the favourite for Sydney's richest race but his mission to reverse the situation begins in earnest with a Randwick barrier trial on Monday.

Melbourne Cup winner Fiorente deposed the New Zealander at the top of markets for the $4 million Queen Elizabeth Stakes with his winning return in Saturday's Group Two Peter Young Stakes at Caulfield.

The Gai Waterhouse-trained Fiorente will stay in Melbourne for the Australian Cup (2000m) on March 8, the same day It's A Dundeel steps out in the Group One Chipping Norton Stakes (1600m) at Warwick Farm.

The four-year-old arrived in Sydney almost two weeks ago and will tune up for his return in a 1200m trial on Monday.

His pre-training has been done by Murray Baker in New Zealand and the horse is in familiar surroundings with Baker's trainer son Bjorn at Warwick Farm.

It's A Dundeel's spring campaign was interrupted by a hoof abscess after he inflicted the only career defeat on the now-retired Atlantic Jewel in the Underwood Stakes.

After injury forced Atlantic Jewel out of the Cox Plate, It's A Dundeel started favourite in the weight-for-age showpiece despite not having raced for five weeks.

He was posted wide throughout and his efforts told with little left in the tank at the finish of the race won by three-year-old Shamus Award.

A good spell in his lush New Zealand pasture followed and he is primed for his return to Sydney where he swept the 2013 three-year-old triple crown and ran a game second to Reliable Man in the Queen Elizabeth Stakes.

It's A Dundeel has Baker's Australian Derby contender Atlante for company and his younger stablemate, winner of the NZ 2000 Guineas, is scheduled to begin his campaign in Saturday's Hobartville Stakes (1400m) at Rosehill.

In September last year, John Messara's Arrowfield Stud announced it would stand It's A Dundeel when he finishes racing, most likely at the end of this season.

Arrowfield has subsequently acquired a 30 per cent share in the horse who is by High Chaparral out of Zabeel mare Stareel.