Michelle Payne has been reunited with Prince Of Penzance, the horse she rode to a history-making Melbourne Cup win.

Payne rode the Darren Weir-trained Prince Of Penzance in trackwork over 800m with stablemate Signoff, fourth in last year's Cup, at Ballarat on Monday morning.

Payne has been back riding work for two weeks as she recovers from serious injuries suffered in a race fall at Mildura in May.

Her return to race riding is uncertain but she is expected to reveal her future in an upcoming interview with a monthly magazine.

Payne applied for a trainer's licence after Racing Victoria announced they would grant jockeys the right to train horses in the new season which started on Monday.

She also rode Group One Australian Guineas winner Palentino on Monday as the horse worked alongside Japanese import Tosen Stardom.

Prince Of Penzance and Tosen Stardom are expected to start their preparations in the Group One Makybe Diva Stakes at Flemington on September 10.