Gai Waterhouse has not given up hope Glencadam Gold can take part in the Melbourne Cup.

Waterhouse says she won't run the imported stayer in Saturday's Lexus Stakes at Flemington after discovering heat in one of his legs on Tuesday.

She will still be represented in the race by Reuben Percival who needs to win to gain a Melbourne Cup start.

Former English galloper Glencadam Gold finished near last in the Caulfield Cup, having won four on end in Sydney including the Group One Metropolitan and Waterhouse is hoping water therapy will help have the horse right for next Tuesday.

"I sent Glencadam Gold to the beach again today, he is not running Saturday," Waterhouse said.

"I'm still confident he will be there Tuesday. He doesn't need to run again before the Melbourne Cup."

Waterhouse announced Glencadam Gold's absence from the Lexus as she watched another of her Cup hopes, European import Fiorente, work at Werribee on Wednesday.

The lightly-raced five-year-old has been restricted to light work since arriving in Melbourne last Sunday week, but is expected to step up his work rate on Friday.