Plans are already in place for popular English stayer Prince Of Arran to return for what trainer Charlie Fellowes hopes will be third-time lucky in the 2020 Melbourne Cup.

Prince Of Arran was third across the line in a tight finish to Tuesday's Melbourne Cup at Flemington with the margins a head by a nose.

But Prince Of Arran was later promoted to second after stewards upheld a protest, demoting Master Of Reality from second to fourth for shifting in on Il Paradiso late in the race.

"I didn't expect that," Fellowes said after waiting in the Flemington mounting yard before learning Prince Of Arran had moved from third to second.

"To be honest you never want to benefit from someone else's misfortune but at the same time I'm not going to complain.

"My bank manager won't complain and my vet back home in England who I owe quite a lot of money to won't complain either.

"Second, what a remarkable, remarkable achievement.

"He's an incredible horse. And bring on 2020.

"The main target next year will be to come back here.

"You don't get to run for $8 million very often.

"We've got to make this our target. He loves it here. He's a star."

Prince Of Arran hit the front in the straight last year before being overhauled by Cross Counter and Marmelo.

This time he made a later challenge under jockey Michael Walker to be involved in a thrilling finish.

"I think that was a better run this year than last year," Fellowes said.

"I can't believe we came so close."

Prince Of Arran has two wins and four placings from six starts in Australia across the past two spring carnivals.

Fellowes revealed Prince Of Arran had been invited to compete in the Japan Cup later this year while the Hong Kong Vase in December was also an option again.