Melbourne Cup winner Prince Of Penzance requires surgery on a leg fracture sustained in a race at Caulfield.

Prince Of Penzance injured himself when finishing fourth in the Herbert Power Stakes at Caulfield on Saturday.

Trainer Darren Weir said the injury was not life threatening.

"Unfortunately he's sustained an injury that needs three screws put in a fracture in the off-side foreleg," Weir said.

"He'll come through it really well.

"They're very capable surgeons at Ballarat and hopefully he can recover well and who knows what happens from there."

Prince Of Penzance shot into Australian racing history winning last year's Melbourne Cup with Michelle Payne in the saddle.

Weir said Prince Of Penzance could make a return to the racetrack but a decision on the gelding's future would be made by connections.

"The first thing is making sure the horse recovers fully," Weir said.

Prince Of Penzance was progressing well in his Melbourne Cup title defence with his rider on Saturday John Allen saying his Caulfield effort was full of merit.