One of the international contenders in last year's Melbourne Cup is back in work preparing for another tilt at the race, this time as a local.

Mutual Regard finished 14th behind Protectionist in the 2014 Cup when prepared by former champion Irish jockey Johnny Murtagh.

The gelding remained in Australia and was placed in the care of John Sadler with the idea of contesting the Sydney Cup in the autumn.

A suspensory injury ended those plans and instead forced the gelding to the spelling paddock.

Mutual Regard has been back in work at Sadler's stable for around seven weeks and is being given a slow and steady build-up to the Caulfield and Melbourne Cups.

"So far so good," Sadler said.

"He's had an issue with a suspensory but hopefully he's on the right side of that now."

Sadler says he is in no hurry to get Mutual Regard back to racing and the gelding may only have three runs before the Melbourne Cup (3200m) at Flemington on November 3.

He said the Turnbull Stakes (2000m) at Flemington on October 4 could be his first run but he would be guided by how he was going on the training track.

"He won't be kicking off until mid to late September and could even kick off in the Turnbull," Sadler said.

"I'll be guided by him.

"He won't have a stack of runs, probably a mile-and-quarter (2000m) then two mile-and-a-halfs (2400m) before the Melbourne Cup which is his aim."

Mutual Regard won seven of his 17 starts in Europe, including the Ebor at York in late August, before venturing to Australia.

He won two of his three starts for Murtagh after being transferred from the stable of Sir Mark Prescott.