Canberra trainer Nick Olive can't wait for the rematch between his stable star Single Gaze and Australian Cup favourite Gailo Chop at Flemington.

Gailo Chop dominated the traditional Australian Cup lead-up, the Group Two Peter Young Stakes (1800m) to cement his spot at the head of betting for Saturday's 2000m weight-for-age feature at Flemington.

But Olive is convinced Single Gaze has come on again from her gallant second in the Peter Young and believes the mare is ready to peak in the Australian Cup at the third start of her preparation.

"I feel she has gone forward again since her last run and I'm really happy with her," Olive said.

"I can't wait until next Saturday. I'm really excited about it. I just think she'll be cherry ripe and I think it's going to be a great race."

The Darren Weir-trained import Gailo Chop is a dual Group One winner over 2000m and has won his two lead-up races this campaign over 1600m and 1800m.

Gailo Chop was at $3.20 on Sunday with last year's Caulfield Cup runner-up Single Gaze on the second line of betting at $8.

"I don't think there's too much between them and hopefully he doesn't have his own way in front like he did the other day," Olive said.

"I'm really looking forward to meeting him again.

"She's definitely peaking for this run in Melbourne and this has always been a target race for her down here."

Single Gaze also has Group One targets in Sydney after the Australian Cup.

Along with Gailo Chop, there will be a number of other quality contenders Single Gaze will have to beat with the 2016 Melbourne Cup winner Almandin at $8 and his stablemate The Taj Mahal at $9.

Trainer Anthony Freedman is preparing to run Japanese import Ambitious in the Australian Cup, which would be the horse's first Australian start.

"He's had a good prep. He's very, very fit. We're probably just going to roll the dice and have a look at him under race conditions," Freedman said.