Kentucky Derby winner California Chrome is the odds-on favourite at 3-5 for the Preakness Stakes after drawing barrier three in the 10-horse field.

"Three is fine with me," trainer Art Sherman said.

"Most of the speed is on the outside of me. If they go, they go, I can tuck in right behind them without any problems. I think my horse will perform."

So does California Chrome's co-owner Steve Coburn, who dared to look ahead.

"One race at a time," he said. "But I'm still thinking Triple Crown."

If California Chrome wins on Saturday (Sunday AEST), next up would be the Belmont Stakes on June 7. Only 11 horses have won the Derby, Preakness and Belmont and none since Affirmed in 1978.

California Chrome brings a five-race winning streak into the Preakness with a combined margin of 26 lengths.

Speedster Social Inclusion was the 5-1 second choice after coming up with barrier eight.

The colt is missed the Kentucky Derby and is one of seven new horses lining up to challenge California Chrome.

"We have a great post position. We have slow horses to our outside," owner Ron Sanchez said.

Bayern and Ride On Curlin are the co-third choices at 10-1. Bayern, who drew the No. 5 gate, is trained by Bob Baffert who will be seeking a sixth Preakness win. Rosie Napravnik will ride the colt, trying to become the first female jockey to win the race.

Ride On Curlin finished seventh in the Kentucky Derby two weeks ago.

Once again, Ride On Curlin drew wide and will come out of gate 10 after starting from 19 in the Derby.

His Derby rider Calvin Borel has switched to filly Ria Antonia, who is the long shot in the field at 30-1.

She will try to become the first filly to win the Preakness since Rachel Alexandra beat the boys in 2009.

Ria Antonia finished sixth in the Kentucky Oaks, after which her owners switched trainers, dumping Baffert for Tom Amoss.

General a Rod is the only other Derby horse to try the Preakness. He was 11th at Churchill Downs.

There is a trio of 20-1 shots in the field. One of them, Kid Cruz, is trained by Linda Rice, giving the Preakness a female trainer, jockey and filly in the race for the first time.

The other 20-1 shots are Pablo Del Monte and Ring Weekend.

Illinois Derby winner Dynamic Impact drew the rails, a spot not favoured by most trainers who fear getting trapped inside.