A decision to end the Melbourne Cup campaign of The Offer has all but cemented Araldo's place in the field for the $6.2 million race.

His trainer Mike Moroney will weigh up all options before deciding whether Araldo needs to run in either the Lexus or the Mackinnon Stakes at Flemington on Saturday.

The winners of both races gain a ballot exemption if they are among Melbourne Cup nominations.

Araldo was at No.24 in the Cup order of entry but moved up one place after Gai Waterhouse announced on Tuesday The Offer would miss the race.

The Melbourne Cup has a field limit of 24.

Moroney will discuss the situation with the horse's owners before making a final decision.

"At this stage, I'm getting close to not paying up at all on Saturday and just rolling the dice," Moroney said.

Araldo could be leapfrogged in the unlikely event that both the Mackinnon and Lexus winners are entered for the Cup and below him in the order of entry.

Fifth in the Caulfield Cup, Araldo pleased Moroney in a comfortable solo workout at Flemington on Tuesday which kept the stayer ticking over.

The German import won the Listed Bart Cummings (2520m) at Flemington last spring and was third in the 2013 Lexus Stakes.

He came out of that race with a back injury which kept him off the scene until the start of this spring.

Third-up this campaign he finished third in the Group One Metropolitan (2400m) in Sydney before gaining a start as an emergency in the Caulfield Cup in which he came from back in the field to finish within 1-1/2 lengths of the winner Admire Rakti.

Araldo is at $21 in Melbourne Cup markets.

Dwayne Dunn has the Melbourne Cup ride and Moroney is confident the seven-year-old has the staying ability to run well

"It's a bit hard to weigh him up against the overseas horses, but of the locals you'd think he would be one of the better stayers going into the Melbourne Cup," Moroney said.

Moroney won the Melbourne Cup in 2000 with Brew who earned his place with victory in the Lexus equivalent.