Henry Dwyer believes Lucky Liberty has the potential to be a Group One horse but hasn't yet been able to prove it because of injuries which have sidelined him for more than 16 months.

Lucky Liberty is on the comeback trail starting with a jump-out at Caulfield on Tuesday and his trainer is hopeful the rising five-year-old will be back racing soon.

After winning his first three starts, Lucky Liberty had excuses when unplaced in the C S Hayes Stakes and Group One Australian Guineas last year.

"He chipped a knee in the Guineas and had arthroscopic surgery and the mandatory six months off," Dwyer said.

"Then he was back in work and was ready to almost race and got a stress fracture to the shoulder. So he had another six months off for that.

"Now he's back in work again and, touch wood, everything is going well this time."

Dwyer said the plan was to give Lucky Liberty an official trial three weeks after his Caulfield jump-out with a view to a race return in four to five weeks.

"He's a really high quality galloper but obviously the issue is getting him there sound," Dwyer said.

"Even before he hurt himself in the Guineas we were having little issues with him here and there, so he's not a sound horse.

"But he won his first three starts in really good style and then in the C S Hayes Stakes his saddle slipped coming out of the gates, he bucked and he was about 20 lengths off them.

"His sectionals were every bit as good as Wandjina and Disposition and those sorts of horses.

"I thought he was a really good chance going into the Guineas off the back of that and he loomed up, but obviously chipped his knee.

"I think he's a potential Group One horse, it's just whether we can get him there."