Popular English horse Red Cadeaux will run in the $4 million Queen Elizabeth Stakes in preference to the Sydney Cup with Kerrin McEvoy to ride.

The three-time Melbourne Cup runner-up was an acceptor on Tuesday morning for both races at Randwick.

After consulting with Red Cadeaux's Hong Kong owner Ronald Arculli, travelling foreman Robin Trevor-Jones and track rider Steve Nicholson who are both in Sydney, trainer Ed Dunlop announced the decision to run in Sydney's richest race.

Dunlop said the prospect of a wet track had prompted the call to run over 2000 metres instead of the more taxing 3200.

"After much deliberation between Mr Arculli, Robin, Steve and I, the decision has been made to run Red Cadeaux in the Queen Elizabeth Stakes, as opposed to the Sydney Cup, at Randwick on Saturday," Dunlop said on his blog.

"The weather has been the overriding factor in our decision, with Sydney having experienced an extremely wet week.

"Although the rain is set to relent in the next few days, Robin and Steve inform me that the track is currently soft.

"This would put a question mark against Red's stamina over 2 miles while Mr Arculli has never been afraid of a challenge!

"Obviously Contributer and Adelaide will be tough to beat, but the Sydney Cup is a vintage renewal in itself with Protectionist, Who Shot Thebarman and the well-weighted Hartnell in the line-up. Hopefully we have made the right call!!"

McEvoy has picked up the ride with Hugh Bowman, who was booked for the Sydney Cup, committed to Lucia Valentina in the Queen Elizabeth.

Dunlop is due in Sydney later in the week to oversee Red Cadeaux's first Australian start at a track other than Flemington.