Melbourne Cup favourite The Offer will be out to make a spring statement in the Underwood Stakes at Caulfield on Saturday.

The Offer delighted connections when he hit the line strongly for fifth in the Dato Tan Chin Nam Stakes first-up, an effort which confirmed his position at the top of Melbourne and Caulfield Cup markets.

Roger Elliott, trainer Gai Waterhouse's Melbourne representative, exuded some of the confidence his boss is renowned for by declaring he wouldn't be surprised to see the imported stayer triumph in Saturday's 1800-metre Group One race.

"On his work and the way he has been I think he is a winning chance for sure," Elliott said.

The Underwood is short of The Offer's preferred distance range - he has not won over less than 2200m.

It's also a race that will be an important spring marker as he meets a field which includes star New Zealand mare Silent Achiever and weight-for-age performers the ilk of Happy Trails and Foreteller.

Silent Achiever is on the second line of Melbourne Cup betting and is also high in Cox Plate markets.

The Roger James-trained mare has been a notable firmer for the Underwood, crunched to $3 TAB favourite after opening at $4 on Wednesday.

Foreteller, a winner at weight-for-age over the course and distance, is second pick at $4.60 with The Offer at $6.50.

Despite Elliott's belief The Offer can be in the mix on Saturday, he is convinced the "dead-set stayer" will continue to improve into the spring.

"He looks enormous. His weight is good. Everything is just going right," he said.

"I'm pretty confident he's going along well and I think the further he gets in distance, the better he will go."

Rain Lover (1969) and Jeune (1994) are the only two horses to win the Underwood Stakes - Melbourne Cup double in the same year.

Six horses in the past 30 years have come through the Underwood on the way to winning the famous 3200m race at Flemington with Viewed in 2008 the most recent.

The Offer's regular rider Tommy Berry will again be aboard and Elliott says the star hoop has been keeping tabs on his big spring hope.

Berry has four other rides at Caulfield including Cauthen who has been scratched from Sydney after he gained a start in the Le Pine Funerals Handicap following three early withdrawals.