Ed Dunlop has had winners all over the world and trained a couple of champions but a Melbourne Cup win by Red Cadeaux would be a dream come true.

Now classed as a veteran, Red Cadeaux is poised to create his own slice of Melbourne Cup history on Tuesday just by getting to the start.

But Dunlop is hoping that the popular stayer can go one better than his two runner-up finishes when he contests his fourth-straight Melbourne Cup.

Asked what victory would mean having come so close before, Dunlop, who trained champion fillies Snow Fairy and Ouija Board, replied: "Everything".

"It would probably be the greatest victory of my training career," Dunlop said.

"But I think it would mean a huge amount for (owner) Ronny Arculli.

"It was his dream to try to win the Melbourne Cup with Red Cadeaux ... I think it would be an amazing, amazing day."

Dunlop rates this year's race a more open contest and believes the signs are encouraging Red Cadeaux can turn in another big performance at Flemington.

The gelding is a northern hemisphere eight-year-old, but races as a nine-year-old in Australia.

He will be the first northern hemisphere visitor to contest four Cups and, if successful, will become the oldest winner.

"To be able to bring a horse to run in four Melbourne Cups from Europe, I doubt it will happen again," Dunlop said.

"Of course it might do, but it will be a long time before it does.

"Credit goes to the horse for that."

Dunlop said the credit also belonged to the staff that travel with Red Cadeaux, track rider Steve Nicholson and foreman Robin Trevor-Jones who "have literally been around the world about five times with him".

Red Cadeaux has not won since the 2012 Hong Kong Vase and finished last in his most recent race but Dunlop is thriving in Australia.

He will jump from barrier 15, the same gate as when he was beaten by "two pixels" by Dunaden in 2011.

The trainer said the horse's weight was good and he was moving well and he was hoping for a genuine pace to give Red Cadeaux his best chance.

"I'll be disappointed, in the way he looks, if he doesn't run very well," Dunlop said.