Expensive colt Hydrogen is unlikely to be ready for the Epsom Derby but connections are still hopeful he can live up to his price tag.

He was the most expensive yearling bought at public auction anywhere in the world in 2012 with Qatar Racing paying 2.5 million guineas ($A3.985 million) for the three-quarter brother to Authorized who has yet to see a racecourse.

While he holds entries in the Epsom Derby and the Irish equivalent, trainer Peter Chapple-Hyam recently suggested he would not make it to Epsom and that Royal Ascot in June might be more realistic.

David Redvers, racing manager for the owners, said anything that could have gone wrong in the past year did go wrong.

"First he picked up an injury on the gallops and then he kicked a wall and injured a hock," Redvers told At The Races.

"Because he spent so much time in box-rest he then lost all his strength that he'd developed, so he's spent a lot of time this spring building that back up.

"There's been a great deal of scrutiny over him and he might end up belatedly making his debut and reaching his full potential. We can only hope that's the case."