The Brisbane Race club is still hoping conditions will clear enough to allow racing at Doomben to go ahead.
The final three races at Doomben on Wednesday were called off when concerns were raised by jockeys about the track between the 800m and 600m.
Doomben had received a further 50mm of rain to 7am on Thursday morning with up to a further 75mm expected during the day.
The Brisbane Weather Bureau is predicting the rain will move away from the Doomben area early on Friday morning which has given the BRC a glimmer of hope ahead of Saturday's meeting.
Course manager Jim Roberts said if the weather cleared early enough there was a chance the track could race.
"Doomben dries well but if we were to get more showers on Friday and an overcast day I think we would be in trouble," Roberts said.
"We will just have to wait and see but the track is saturated right now."
A decision is likely to be made on Friday afternoon.