Japanese stayer Admire Rakti remains the favourite in a Melbourne Cup field dominated by a record 11 international horses.

An expected 100,000 people will flock to Flemington Racecourse for Australia's richest horse race on Tuesday.

Famous faces including Australian model Megan Gale, Bold and the Beautiful star Ron Moss and eighties band Spandau Ballet will be among those sipping champagne in the exclusive Birdcage enclosure.

Rumours are rife that The Rolling Stones, in town for a gig, will also put in a surprise appearance.

Early indications for the weather are good, with a balmy 28C forecast for the 3pm race.

But a warning has been issued for powerful winds gusting at up to 100 km/h and an accompanying drop of 10C in the temperature at 5pm.