A horse soon to join the Kris Lees stable is one the trainer believes is a big threat to his charge Lucia Valentina in the Melbourne Cup.

German stayer Protectionist will join the Lees camp after the Melbourne Cup and, like Lucia Valentina, he is among the leading contenders in Tuesday's $6 million race at Flemington.

The Andreas Wohler-trained Protectionist, part-owned by Australian Bloodstock, caught the eye with his fourth in the Herbert Power Stakes under a big weight in his Australian debut.

He shares the third line of betting at $7.50 with Lexus Stakes winner Signoff.

Lucia Valentina is second favourite at $6.50 behind Caulfield Cup winner Admire Rakti ($5) who beat Lucia Valentina by less than a length at Caulfield.

"I think the market has got it pretty right," Lees said.

"You've got to say Admire Rakti's win in Caulfield Cup had a touch of dominance about it. I think Signoff was very good on Saturday.

"I thought Protectionist's lead-up run was a perfect lead-up run."

Lees is convinced dual Group One winner Lucia Valentina has come on since the Caulfield Cup and believes he can't have her any better for the 3200m race in which she will start from an inside draw in gate three.

"She has thrived," Lees said.

"Her preparation has gone off without a hitch so it's now just whether she's strong enough to run out the two mile."

His gut feeling is she can.

"The barrier now gives her the opportunity to go to sleep and expose her when it suits," he said.

"She's had the fastest closing sectionals every race she has been in this prep so if she can do that at the end of two miles she's going to be very effective."