One of the leading Caulfield Cup contenders, Bonneval, will face another Racing Victoria veterinary inspection two days out from the $3 million race.

Racing Victoria's chief steward Terry Bailey told co-trainer Murray Baker on Wednesday that the star New Zealand mare had been inspected at Flemington and had been found to be lame.

Bailey said RV veterinarians would inspect the mare again on Thursday afternoon and confer with the stable's veterinarians.

"We've said all week we were going to have a look at her," Bailey said.

"It was convenient for our vets to have a look at it this afternoon at Flemington. Our vets say she is one out of five (lame).

"They are going to confer with their stable vets and have another look at her tomorrow afternoon."

Baker, who won the 2015 Caulfield Cup with Mongolian Khan, believes there is no issue with the mare.

"He said Kerrin McEvoy rode her work (on Wednesday morning). As far as he (Baker) is concerned, whatever variance in her action is, that's her.

"That's why we want to talk to his vets.

"We'll have another look at her tomorrow afternoon."

Bonneval won the ATC Australian and New Zealand Oaks last season and started her spring campaign with wins in the Dato Tan Chin Nam Stakes and Group One Underwood Stakes in Melbourne.

She ran on from back in the field for sixth in last Saturday's Caulfield Stakes.

A stewards report after Saturday's race said the mare was lame in the near-foreleg and had a laceration to her off-hind pastern.

Bonneval shares the second line of betting for Saturday's Caulfield Cup at $8 behind Australian-owned Irish horse Johannes Vermeer at $4.60.