The United States remains the $4.20 favourite for the $4 million Queen Elizabeth Stakes after his midfield barrier draw.

The Lloyd Williams-owned Ranvet Stakes winner was a late entry into Sydney's richest race on Saturday with his task made easier by the news star mare Winx would not run.

Trainer Chris Waller and her owners decided after Winx worked on Tuesday morning she would not back up from her win.

Winx had been the odds-on favourite before the decision.

The United States will jump from barrier eight in the 16-horse field with Kerrin McEvoy to ride.

Co-owner Nick Williams said the horse had done well since the Ranvet last month.

"He is in top form. He is by Galileo so a wet track won't bother him and we're really looking forward to it," Williams said.

The Waller-trained Preferment is the $5 second favourite with last year's winner Criterion on the third line at $7 alongside Lucia Valentina and Doncaster runner-up Happy Clapper.

Criterion jumps from barrier two and co-trainer David Hayes says he has improved since his third in the Ranvet going into what is expected to be his last race before he goes to stud.

"It was always the intention to go to the race at his third run and we are happy with him," he said.

Hayes and training partner Tom Dabernig also have Dibayani and Rising Romance in the race with the pair at $35 and $26 respectively.

"Dibayani and Criterion both like the wet and Rising Romance had no luck last start," Hayes said.

"But last year's winner is hard to go past."

Waller-trained horses have a stranglehold on market for the Sydney Cup with former European Libran the $3.50 favourite ahead of Who Shot Thebarman ($3.50) and Grand Marshal $4.60.

Grand Marshal edged out Who Shot Thebarman to win the 2015 Cup (3200m).

Who Shot Thebarman got the upper hand when the pair finished second and third behind Preferment in the BMW.