Kris Lees will have a better guide on Protectionist's chances of adding an Australian Cup to his Melbourne Cup win when the import makes ahighly anticipated return at Caulfield.

Protectionist won the Melbourne Cup for German trainer Andreas Wohler before staying in Australia to join the Lees team at Newcastle.

He steps out in the Group Two Peter Young Stakes on Saturday in a race which will shape his autumn campaign.

Protectionist will run in the Australian Cup if he shows Lees there is enough speed in his legs to be competitive over 2000m.

Lees said he wasn't feeling any pressure ahead of the Cup winner's first start for his stable.

"He's in unfamiliar ground in an 1800-metre race," Lees said.

"I just want to see him hit the line to give us a bit of a guide as to where we're going this preparation."

The 2013 Melbourne Cup winner Fiorente resumed to win the Peter Young Stakes last year and then joined Makybe Diva and Let's Elope in completing Melbourne Cup-Australian Cup double in the same season.

Protectionist is the $4 favourite for Saturday's race against a field which includes multiple Group One winner Happy Trails.