Katelyn Mallyon is excited at the opportunity to ride in two of Australia's biggest races in coming weeks.

Mallyon rides Go Dreaming in Saturday's Caulfield Cup and has been booked for the Lloyd Williams-owned Assign in the Melbourne Cup.

Go Dreaming is ranked the $301 Caulfield Cup outsider and snuck into the field as number 18 in the 20 horse field which has two emergencies.

Mallyon's grandfather Mick rode three Caulfield Cup winners - Bunratty Castle (1968), Gay Icarus (1971) and Leilani (1974) - and she would like nothing more than to follow in his footsteps.

"It's my first Caulfield Cup ride," Mallyon said.

"It's a race that I've always wanted to ride in and I'm really looking forward to it on Saturday.

"The race means so much to my family with my Pop winning three Caulfield Cups.

"The whole family will be there and hopefully we can get Pop off the couch to be there as well."

A few days out from the race, Mallyon is calm but knows the nerves will increase as the day gets closer although she admits she loves riding under pressure.

Go Dreaming is trained at Strathalbyn in South Australia by Grant Kluske and was a last-start fourth to Real Love in the JRA Cup at Moonee Valley on September 30.

"He's an outsider in the field but the horse ran really well and he's going to relish every bit of the Caulfield Cup distance," Mallyon said.

"I'm just hoping he can run a really nice race."

Mallyon guided Assign to an all-the-way win in Saturday's Herbert Power Stakes at Caulfield.

She said it was a great honour to be booked for Assign in the Melbourne Cup and to have the chance to emulate the feat of Michelle Payne who rode Prince Of Penzance in 2015 to become the first female jockey to win Australia's most famous race.

"I've got a ride in it this year and I'm really excited about that," Mallyon said.

"Hopefully I can follow in her footsteps.

Mallyon rode the imported Grey Lion in a gallop at Werribee on Wednesday morning and has picked up the ride in next week's Geelong Cup.

When he leaves quarantine, the former Andre Fabre-trained Grey Lion will go to his new home in Matt Cumani's Ballarat stable.

"He worked really nicely this morning," Mallyon said.

"He's a beautiful big strong horse and can measure up in the Geelong Cup.

"It's lucky for Matt Cumani. He's got a nice horse in his stable."