Gai Waterhouse has informed Racing Victoria stewards that The Offer won't be among the final acceptances for the Melbourne Cup.

Waterhouse spoke with chief steward Terry Bailey on Tuesday morning and expressed concern that the imported stayer was sore and she was not prepared to proceed with his campaign.

The Offer was beaten only three and a half lengths in the Caulfield Cup but finished 11th behind Admire Rakti.

Waterhouse was not entirely happy with the Sydney Cup winner going in to the Caulfield Cup and he only took his place in the field following a vet inspection on the Friday before the race.

The Offer's withdrawal from the Melbourne Cup means that Araldo now lifts to 23rd in the order of entry, almost gauranteeing connections a start next Tuesday.

Waterhouse, who won the Melbourne Cup with Fiorente last year, does not have any other runners in contention to defend her crown.