Spillway's comeback has been short-lived with the Group One winner retired for a second time after pulling up sore from a jump-out.

The imported stallion won last year's Australian Cup but suffered a suspensory injury when fourth in the $4 million Queen Elizabeth Stakes.

Spillway was back in work late last year but connections decided to pulled the pin when his leg was still not right.

After noticing a marked improvement, trainer David Hayes later decided to bring Spillway out of retirement and give him the chance at a comeback.

After a slow build-up at Hayes' Lindsay Park property at Euroa, Spillway stepped out in a jump-out at Pakenham on Monday but was later found to have a leg injury.

"He had a jump-out yesterday and pulled up sore," Hayes said.

"He chipped a bone off his ankle, which is called a sesamoid.

"It's probably a little bit all linked (to the original injury)."

The Hall of Fame trainer formed a training partnership with his nephew Tom Dabernig at the start of the 2014/15 racing season and Spillway was the first Group One winner for the combination.

"He was terrific," Hayes said.

"Australian Cup winners are hard to replace. And he had the class to run at a mile at weight-for-age level.

"I think he'll make a very good stallion for someone and we'll market him as a stallion now."

Spillway retires with five wins from 23 starts and more than $1 million prize money.