It's A Dundeel has already been installed as $5 favourite for the $4 million Queen Elizabeth Stakes with, reports Racing Network. The Murray Baker trained four-year-old finished eighth as favourite in the Cox Plate from a wide barrier but bookmakers believe he is the horse to beat in the first running of the new race at Royal Randwick next autumn.

Melbourne Cup winner Fiorente is on the second line of betting at $9 with Epsom-Emirates Stakes winner Boban.

Talented three-year-old filly Guelph, who would receive significant weight relief due to the weight-for-age conditions, is next in betting at $11.

“It’s a massive increase in prizemoney and there is no doubt all the big names will be in Sydney to chase the huge cash on offer. The 2000m will suit It’s A Dundeel, but Fiorente and Boban, to name a few, will ensure it is a great race,’’ said’s Shaun Anderson.

It's A Dundeel has recorded three wins from four starts at Royal Randwick, with victories in the ATC Australian Derby, Spring Champion Stakes and Gloaming Stakes, while his only defeat was in the Queen Elizabeth Stakes earlier this year at the hands of Reliable Man.

Cox Plate winner Shamus Award is rated a $17 chance, on the same line of betting as fellow three-year-old Complacent and Carlton House, who is owned by Queen Elizabeth.

Queen Elizabeth Stakes market with

$5.00   It’s A Dundeel

$9.00   Fiorente, Boban

$11  Guelph

$13  Hawkspur, El Roca, Toydini

$15  Happy Trails, Royal Descent

$17 Complacent, Shamus Award, Carlton House

$21 Streama, Rock Hero

$26 Divine Calling, Beaten Up, Fiveandahalfstar, Foreteller, Savvy Nature, Pakal, Super Cool, Fawkner

$34 Long John, Prince Harada, Salon Soldier, Spurtonic, Ecuador, Foundry, Bayrir, Cauthen, Sacred Falls