Michelle Payne will not ride at the Melbourne Cup carnival after failing in her appeal against suspension.

Payne was outed on Saturday for her actions on Prince Of Penzance, the winner of the Moonee Valley Gold Cup.

The Darren Weir-trained horse is among the latest acceptors for the Melbourne Cup but his more likely Flemington target is the Queen Elizabeth Stakes on November 8, the fourth and final day of the Victoria Racing Club carnival.

Payne was found guilty of high-range careless riding for taking a run between Precedence and Black Tycoon passing the 400m when there was insufficient room.

In the interference which followed, Albonetti's rider Chad Schofield fell.

Schofield was cleared of serious injury to his neck and was back riding at Seymour on Tuesday.

The Racing Appeals and Disciplinary Board agreed with the stewards' decision and Payne will return to riding on November 12.

Precedence, trained by Bart and James Cummings, is being monitored after losing skin off his leg.

A nine-year-old, Precedence is the only horse the stable entered for the Melbourne Cup, a race Bart Cummings has won a record 12 times.