Veteran Phelan Ready lines up for his fifth appearance on Magic Millions day at the Gold Coast and trainer Jason McLachlan is confident with one reservation.

Phelan Ready won the 2009 Magic Millions Two Year Old Classic on his way to victory in that year's Golden Slipper.

It took him five years to win another race but he now heads back to the races on Saturday with two wins from his past three starts.

The eight-year-old has drawn barrier two in the Magic Millions Cup (1400m), something that would normally be a plus, but McLachlan fears it may go against him.

"I couldn't be happier with him. He got beaten a lip in the Cup last year behind Velrosso," McLachlan said.

"The funny thing is the only worry I have is him drawing barrier two. I don't know how the rails will play."

"If he had drawn the middle of the field he would have been something to bet on."

Phelan Ready was beaten a half head in the Cup a year ago and his trainer said he had bloomed since winning an open handicap at Doomben on December 20.

McLachlan has never lost faith in Phelan Ready who he originally trained in partnership with his father the late Bruce McLachlan.

"If he wins on Saturday he will pass $4 million in prize money. I reckon his critics would love to own a horse who can do that," McLachlan added.

Phelan Ready will press on into the Brisbane winter after the Magic Millions.

"Why not? He has won two of his past three starts and is racing as well as ever."

Star apprentice Luke Tarrant will retain the ride with McLachlan among the 20-year-old's fans.

"Luke could be anything if he keeps on his current path. I am more than happy to have him even though he can't claim," McLachlan added.