Former Australian Racehorse of the Year Lankan Rupee is building towards his long-awaited race return.

Lankan Rupee galloped solo over 800m on the course proper at Caulfield on Tuesday morning with trainer Mick Price hoping to have him ready for next month's Group Two Caulfield Sprint.

The seven-year-old hasn't raced since he was beaten in last spring's Schillaci Stakes.

He later underwent arthroscopic surgery on his off hind foot.

Price is looking to run the multiple Group One winner in two sprint races during this year's Melbourne spring with the Darley Classic at Flemington in November his Group One aim.

"I think I'm going to go into the Caulfield Sprint with him with 61 kilos and then three weeks into the Darley Classic," Price said.

"I'm taking a pretty polite approach on him this preparation."

For that reason, Price has ruled out the Group One Manikato Stakes, a race Lankan Rupee won in 2014.

"I think if he runs in the Caulfield Sprint and then I get three weeks into the Darley, that will be fine," Price said.

The Caulfield Sprint (1000m) is on October 15.

Meanwhile, Lankan Ruperr's stablemate, Blue Diamond winner Extreme Choice, had a jump-out on Tuesday at Caulfield and will head to Moonee Valley for a gallop on Monday in preparation for the Group One Moir Stakes.

Blue Diamond runner-up Flying Artie is also building towards a spring return with Price looking to the Blue Sapphire Stakes for his lead-up to the Coolmore Stud Stakes.