Kentucky Derby winner Nyquist will start from gate three as the overwhelming favourite in the 11-horse field for the Preakness Stakes.

Unbeaten in eight races, Nyquist was installed the 3-5 favourite after the draw on Wednesday (Thursday AEST).

Hall of Fame trainer Bob Baffert, who will saddle rival Collected, says Nyquist's market quote is justified.

"I'd probably be surprised if he didn't win. He's going to be tough to beat," Baffert said.

Starting from barrier 13 in the Derby, Nyquist won the 20-horse race by 1-1/4 lengths from Exaggerator.

Nyquist can expect far less traffic against the smaller field in Saturday's Preakness, which covers 1-3/16th miles (1900m) at Pimlico RaceCourse.

Nyquist's trainer Doug O'Neill goes to the Preakness seeking to keep his Triple Crown hopes alive.

A year ago, American Pharoah became the 12th Triple Crown winner and the first since Affirmed in 1978.

Exaggerator, the second favourite at 3-1, drew barrier.

The field includes Japanese horse Lani who finished ninth in the Derby.

The draw from the inside is: Cherry Wine, Uncle Lino, Nyquist, Awesome Speed, Exaggerator, Lani, Collected, Laoban, Fellowship, Awesome Speed and Abiding Star, Fellowship and Stradavari.