The Michael O'Leary-trained mare produced a brilliant turn of foot to run down rivals to win the Alcopop Series Final at Morphettville in December and will be trying to give the veteran Mount Gambier horseman - who has produced close to 1000 winners during his 57-year training career - a rare Melbourne winner.
Picaroon sits on the third line of betting behind the Danny O'Brien-trained Americain Angel ($5.50), a last-start Caulfield winner who tackled the Australasian Oaks at Morphettville back in May.
Picaroon will be joined at Flemington by Ryan Balfour's Outlaws Revenge who tackles the $250,000 Group 3 Standish Handicap over the 1200m.
Outlaws Revenge claimed consecutive Listed features in Adelaide before running fifth behind Marabi in the Christmas Stakes over 1100m at Caulfield on Boxing Day.
Dom Tourneur will again make the trip to Melbourne to ride with the horse marked an $8.50 chance with tab.com.au.