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Vauban has shortened further in Melbourne Cup betting for the Melbourne Cup after drawing a favourable barrier.

Irish trainer Willie Mullins says Vauban is his best chance and possibly the best he will ever have to win the Melbourne Cup. 

Vauban came up with barrier three in the draw for Tuesday's Group 1 Handicap over 3200m and has shortened into $3.20, firming from $3.50 before the final Cup field was declared on Saturday. 

Mullins' first assignment after flying in from Ireland on Saturday was to head to the Werribee International Horse Centre to watch over Vauban and stablemate Absurde do their final piece of fast work before Tuesday's race. 

"I'm very pleased with both of them," Mullins said. 

"Both horses seem good and well and sound. 

"I think he's as good as Max Dynamite, maybe better, but we'll find that out on Tuesday. 

"He's our strongest chance and may be my strongest chance ever." 

Max Dynamite has been Mullins' best finish in the Melbourne Cup, running second to Prince Of Penzance in the 2015 edition. 

Vauban heads the betting on the Melbourne Cup ahead of last year's winner Gold Trip at $4.40 after the Ciaron Maher and David Eustace-trained galloper drew barrier two. 

Besides Gold Trip, Maher and Eustace will be represented by Right You Are, Ashrun, Future History and Interpretation while the Chris Waller, who won the Cup with Verry Elleegant in 2021, will have four runners – Soulcombe, Sheraz, Magical Lagoon and More Felons. 

Vow And Declare, the 2019 Cup winner, will line up for his fourth shot at the race and drew barrier 19. 

He came from gate 21 when successful. 

Damien Oliver, chasing a fourth Melbourne Cup in his last ride, will partner Alenquer , who drew barrier nine and is a $51 chance to give the champion jockey a fairytale result. 

Trainer Mike Moroney said it will be special moment to be associated with Oliver at his last appearance in The Cup. 

"It would great to be a part of his fairytale," Moroney said. 

"I think this is his 32nd ride, I've had 24 runners, so we're both seasoned, you could say." 

Moroney said this year's Cup looks a bit stronger than last year's edition having finished second with Emissary behind Goold Trip.