Ferguson dares to dream for Cup favourite

"He's travelled down here well and if you want to give him the Cup now, that would be great, but it's an incredibly tough ask," Ferguson said.

"Everything has to go your way."

Ferguson, who arrived in Melbourne last week, has been buoyed by the form of the three-year-old gelding's former stablemate El Bodegon, who was third in the Cox Plate behind turf superstar Anamoe.

Deauville Legend bolted away from El Bodegon last time out for an emphatic win in the Group 2 Voltigeur Stakes in mid-August before heading to Australia this month.

"He brings in a level of form to the race, which is always nice, but there's 24 runners and everything needs to go right," Ferguson said.

"He needs to be in as good a form, if not better, than what we had him in at York."

Ferguson first imagined winning the Cup when he spent time working for Lee Freedman on the Mornington Peninsula as a teenager - a stint that came fresh off the back of Makybe Diva's historic third-straight triumph.

Ferguson's appetite for the race that stops the nation grew when he supervised Melbourne spring carnival runners as an assistant to English trainer Charlie Appleby five years ago.

Now, his shot with Deauville Legend comes just three years after he established his own training business.

"I've had a couple of dreams but one step at a time, we've got a long way to go. You've just got to enjoy it," Ferguson said.

"Winning is incredibly difficult and if we could get that done, what a wonderful achievement.

"But if you get to the end of the day and you haven't enjoyed it then it was a waste of time."

Deauville Legend is a narrow favourite ahead of fellow imports Loft ($7) and Durston ($13).

Chris Waller-trained Durston copped a 2kg penalty after winning the Caulfield Cup, rising from 51.5kg to 53.5kg, and is striving to become the 12th horse to win the Caulfield-Melbourne Cup double.

Legendary jockey Damien Oliver is confident Durston can help him to a fourth Melbourne Cup triumph.

"The Caulfield Cup is usually a strong form guide to the Melbourne Cup and the horse ran really well," Oliver said.

"The handicapper's given him a nice little weight penalty, which has helped me obtain the ride, and I'm really looking forward to it."