Racing Victoria has rejected the nomination of Group One winner Azkadellia for a race on Caulfield Cup day.

Last month RV announced Azkadellia was one of four Ciaron Maher-trained horses registered in the sole ownership of Ben Connolly that were ineligible to compete pending an investigation into their ownership bona fides.

Connolly, Maher's racing manager, has since stood down from his position at the stable while stewards complete their investigations.

Azkadellia was entered for Saturday's Group Two Tristarc Stakes at Caulfield and had been installed as the equal favourite in an early market.

The TAB has since made First Seal the $4 favourite ahead of Tycoon Tara at $4.40.

"Ownership investigation remains ongoing," an RV statement said.