Mick Price is confident Lankan Rupee can bounce back from his latest injury woes and defend his title in the $2.5 million TJ Smith Stakes.

The six-time Group One winner was diagnosed with a torn off-front pectoral muscle and stifle inflammation following his sixth as favourite in the Newmarket Handicap on March 14 won by three-year-old Brazen Beau.

Price said the gelding had undergone ultrasound treatment to his chest, treatment to the stifles and was exercising on the water walker ahead of his return to Caulfield on Monday.

"It gives me two weeks to the TJ Smith," Price said.

"We'll do some work with him at Caulfield or I might send him to Sydney. I'll just have a think about that one, but I think he'll bounce back well."

Price said Lankan Rupee was perfectly sound and described the injury as wear and tear on a horse that has had 22 starts.

He said there was always a risk of maintenance issues.

"I didn't want them to appear in a Newmarket. I would have preferred it on the training track at home," he said.

Last spring Lankan Rupee was forced to miss the Schillaci Stakes at Caulfield with a quarter crack in a heel.

Price will also have Ready For Victory running at Randwick on April 4. He said the colt had come through his fourth placing behind Vancouver in Saturday's Golden Slipper in good order and would press on towards the ATC Sires' Produce Stakes (1400m).

Price will try a ring bit and blinkers on the colt in trackwork in a bid to avoid a repeat of his waywardness in the straight at Rosehill when he headed to the outside fence in the straight.

"He pulled up great, had a swim this morning and will go towards the Sires'," Price said.

"We'll mess around with his gear and we've got until Wednesday week to make a decision.

"He'll take his place and Lankan Rupee will take his place and I'll win two Group Ones in a day."