Brown Panther could be aimed at the King George VI and Queen Elizabeth Stakes at Ascot rather than a defence of the Goodwood Cup.
Owned by former English strike Michael Owen, Brown Panther finished eighth in his first Melbourne Cup last year.
He suffered an injury during the race in Australia but has returned this season with Group Three victories at Chester and Sandown before his fourth in the Gold Cup at Royal Ascot.
"He didn't quite stay in the Gold Cup and now we've got to decide what we are going to do with him," trainer Tom Dascombe said.
"There's the Goodwood Cup again and he's in the King George.
"We'll have to look and see what is going to be supplemented, what's going to run and what isn't going to run, but the race is cutting up a bit.
"You'd say we'd obviously go for the Goodwood Cup, but if it poured with rain for the King George at least we've got the option anyway.
"He's never run a bad race at Ascot. He was only beaten four lengths by Danedream in this race (in 2012) and he's a better horse now than he was then."