Unbeaten colt Nyquist has been made the early 3-1 favourite for the 142nd Kentucky Derby after drawing barrier 13 of 20.

Trainer Doug O'Neill said he was happy to be drawn wide rather than inside for Saturday's famous race.

"The post draw didn't matter to us a ton but we're happy being more toward the outside for sure," O'Neill said.

"The whole team is pumped up. We're just very optimistic for a big day."

Exaggerator drew gate 11 and is the second favourite at 8-1.

He is trained by Keith Desormeaux, whose Hall of Fame brother, Kent, will be aboard.

Creator, Gun Runner and Mohaymen are the co-third choices at 10-1.

Mor Spirit, trained by four-time Derby winner Bob Baffert, will start from 17.

Last year, Baffert won with American Pharoah, who swept the Derby, Preakness and Belmont Stakes to win the sport's first Triple Crown in 37 years.

"The last time I had the 17 post was Point Given with Gary Stevens (fifth in 2001), and here we are again," Baffert said.

"I wanted the 16. All the speed is on the outside, so there will probably be two different races going on."

The dreaded No. 1 spot that pins a horse to the inside rail coming out of the gate went to Trojan Nation, who has yet to win a race and is a 50-1 chance.

Japan's entry, Lani, is listed at 30-1. The horse is known to be unpredictable in starting gate and will come out of barrier eight.