Champion jockey Damien Oliver had to wait more than 20 years to win his first Australian Cup but now has a genuine chance to make it two in as many seasons.

After seven previous placings in the weight-for-age feature at Flemington, Oliver broke through for his first Australian Cup win on Fiorente last year.

On Saturday he will be aboard track specialist Happy Trails who is one of the leading chances for the 2000m race.

"He's going well and he's going to be around the mark," Oliver said.

"He loves Flemington and loves the 2000 metres. He's had a great preparation and I'm very happy with him."

Oliver missed the ride on Australian Guineas winner Wandjina last Saturday at Flemington because of a suspension.

The Australian Cup has been trainer Paul Beshara's first major target with Happy Trails this campaign and both the trainer and jockey have been impressed with his two runs this preparation.

The seven-year-old made ground in an on-speed dominated CF Orr Stakes (1400m) to finish sixth.

He then got within three-quarters of a length of the in-form Mourinho over 1800m in the Peter Young Stakes at Caulfield.

"Both his runs have been pleasing and I think he's a better horse at Flemington," Oliver said.

Happy Trails' three Group One wins have all been at Flemington. He won the 2012 Emirates Stakes, 2013 Turnbull Stakes and last year's Mackinnon Stakes.

Beshara also plans to take Happy Trails to Sydney after the Australian Cup for the Doncaster Mile (1600m) and Queen Elizabeth Stakes (2000m).

Melbourne Cup winner Protectionist will be striving to join Let's Elope, Makybe Diva and Fiorente as Melbourne Cup winners to return in the autumn to win the Australian Cup.

He is the $4.60 favourite ahead of Godolphin import Hartnell ($5.50) with Happy Trails at $6.

Trainer Kris Lees' travelling foreman Mal Ollerton said Protectionist had come through his first-up run in the Peter Young Stakes well but warned the 2000m could still be a bit short for him.

The return to Flemington, however, where he won the Melbourne Cup will suit Protectionist a lot better than Caulfield.

"Even though it's only 2000 metres, Flemington will give him a bit more of a chance," Ollerton said.

"He'll need a bit of speed on, it will probably need to be run a bit genuinely for him to be a chance but I think The Cleaner is in it so hopefully he'll run along a bit."