Golden Slipper-Magic Millions winner Phelan Ready has been retired and could end his days as a dressage horse in England.

Phelan Ready won the 2009 Slipper-Millions double but did not win again for four years.

However, he finished his career with four wins and $3.7 million in prize money from his 59 starts.

Trainer Jason McLachlan, who trained the gelding in partnership with his late father Bruce for the two-year-old double, said it was time to retire Phelan Ready after he was well beaten at the Sunshine Coast on Saturday.

"He will be nine (on Saturday). I will be very sad to see him go he has been fantastic for us."

"I know they like to bag him but I reckon all those who give it to him would love to have a horse which won nearly four million dollars," McLachlan said.

McLachlan said Phelan Ready would be sent to his uncle's property to be let down.

"Then he will probably end up in England for Bill Harris (his part owner) as a dressage horse," McLachlan said.