Prize money at England's famous Cheltenham Jumps Festival will exceed STG4 million ($A8.35 million) for the first time.

The four-day festival in March showcases jumps racing with the highlight the Cheltenham Gold Cup which is worth STG575,000. ($A1.20 million).

Irishman Willie Mulllins, the trainer of Melbourne Cup runner-up Max Dynamite, was last year's champion trainer at Cheltenham with a record eight winners.

Mullins is widely expected to challenge that number with a large team including Gold Cup favourite Djakadam.