Tanby will chase his second two-mile win of the season in the Andrew Ramsden Stakes in the hope it boosts his chances of making the field for Australia's most famous race.
The Mick Cerchi-trained stayer won the Group Two Adelaide Cup (3200m) in March and connections are hoping he can do likewise over the same distance in Saturday's Listed $200,000 race at Flemington.
Tanby was given a short break after the Adelaide Cup and Cerchi said the idea of running in Saturday's race was to help him qualify for the Melbourne Cup.
"That's the aim of the plan," Cerchi said.
"If he can win two two-mile races since last year's Cup then he might get off the minimum in the weights which would help him get into a Melbourne Cup.
"That's the long-range plan. It might be shooting at the stars but if you don't do it you don't get there.
"That's why we've pushed on since the Adelaide Cup."
A half-brother to 2013 Caulfield Cup winner Fawkner, Tanby was formerly owned by Lloyd Williams who put him in a dispersal sale last year.
Cerchi's clients paid $140,000 for him and he earned more than $250,000 for his Adelaide Cup win, repaying the trainer and his new owners' faith.
"Had he not won the Adelaide Cup they would have been saying we paid too much for an older horse, but he went and did the job there and paid them back and gave them a bit more on top," Cerchi said.
"He's not a bad buy now."
Tanby finished last in the Pakenham Cup after a let-up before fading to finish sixth over 2800m last start at Flemington in the race won Sonntag.
Cerchi said Tanby raced too fresh at Pakenham and felt he also went too strongly last start when he led.
"It left him a bit open and out there on his own," he said.
"I think he just went a bit too strong and it told on him in the straight.
"Hopefully tomorrow he doesn't have to lead and is strong at the two miles."
Tanby is at $17 with Shoreham, who was fourth in the race last year, the $6 favourite.
Topweight Sonntag was at $7 on Friday with Sabor A Triunfo at $7.50.