With the field finally set after the addition of Lexus Stakes winner Excess Knowledge and Lloyd Williams' The United States - a replacement for withdrawn stable-mate Amralah - we know that there will be a record-equalling 11 internationals in the race.
The existing record was set in 2011, the year the Mikael Delzangles-trained Dunaden won the Cup, when horses from England, Ireland and France provided nearly half the field.
This has already been a better year for the locals than last year, when the overseas raiders swept the big three - Admire Rakti won the Caulfield Cup in slashing style, then Adelaide came down the outside of the Moonee Valley track to grab the Cox Plate, before Protectionist completed the treble with a win in the Melbourne Cup at Flemington.
This time round, the Australian-bred, NZ-trained Mongolian Khan took out the Caulfield Cup before the Chris Waller-trained Winx ran away with the Cox Plate.
When it comes to the Melbourne Cup, however, the chances of an international winner are much higher, through pure numbers and the quality of the entries.
Click the links to check out the 11 internationals in this race:
mce-anchor 1 - Snow Sky (barrier 16)
This five-year old bay horse is under the charge of Sir Michael Stoute, who has been champion British trainer 10 times and has won the Dubai World Cup, the Breeders Cup, the Japan Cup and the Hong Kong Vase.
Snow Sky has never run the Cup distance of 3,200m - his longest run was in the St Leger Stakes at Doncaster in 2014, when he came third behind Kingston Hill over 2,937m.
Wins in the Yorkshire Cup (2,816m) and the Hardwicke Stakes (2,414m) this Northern summer have set him up for a crack at the Cup, however.
Snow Sky had a solid run in the Caulfield Cup, finishing fifth behind Mongolian Khan, 4.75 lengths off the winner, and that has been seen as a nice tune-up for the Cup.
He has had three runs second-up in his career, for two wins, so he should be ready to peak at Flemington.
mce-anchor 3 - Fame Game (barrier 12)
Fame Game will start hot favourite, giving Japan a chance to win its second Cup after Delta Blues in 2006.
Trained by Yoshitada Munakata, the six year-old has had 17 runs for five wins, one second and one third.
That's not a stunning record, but Fame Game is seen as an ideal horse for the Cup because of his staying abilities. He has won the Group Three Diamond Stakes (3,400m) in Tokyo two years running, and finished a very close second to Gold Ship in this year's Group One Tenno Sho over 3,200m in Kyoto.
In the Caulfield Cup, there were strong suggestions he was simply there for the run, and he certainly did that, coming from last at the 400m to come sixth, showing his ability to finish off races.
His stamina is not in question, trainer Munakata seemed delighted with barrier 12 and if he finds a decent position with some cover at Flemington, he will prove hard to stop.
"Of course there's a lot of pressure but our expectation and hope is bigger than the pressure," Munakata told racing.com.
"He's definitely better suited over the extra distance of the Melbourne Cup (than the 2400m at Caulfield)."
The only query is if it rains - Japanese horses prefer dry, firm tracks, so if conditions are slow or worse, that could be a problem.
mce-anchor 7 - Hokko Brave (barrier 20)
The other Japanese horse in the race is Hokko Brave, an eight-year-old bay horse trained by Yasutoshi Matunaga.
Five wins from 30 races is an ok strike rate, but although he can stay, he has not won beyond 2,600m.
Hokko Brave finished third in the Group One Tenno Sho (3,200m) in May last year, before finishing sixth out of 17 runners in this year's edition.
His form this year is average, culminating in the Caulfield Cup where he made barely any ground from the 800m mark to finish 10th.
He may have been conserving his energy for Flemington, but you couldn't recommend him for more than a place chance as things stand.
mce-anchor 20 - Bondi Beach (barrier 18)
Australia has been a place of mixed experiences for Irish trainer Aidan O'Brien.
He famously ran foul of chief steward Terry Bailey in 2008 for his use of pacemakers and team riding.
After swearing he would never come back, he was persuaded to change his mind and he returned with a bang as Adelaide won the 2014 Cox Plate.
This year he has two horses in the race, the first of which is Bondi Beach, a very lightly raced four-year-old, who has two wins and three seconds in his five career starts.
He has query at the distance, having won at 2,414m and 2,816m but never run past 2,917m - that was at his last start in the English St Leger, where he lost to by a head before winning the race on protest, then having it taken away on appeal.
However the state of the ground will not be a factor, given he has won in good and heavy conditions.
mce-anchor 18 - Kingfisher (barrier nine)
There is no doubt about Kingfisher's ability to stay - O'Brien's other horse came second to Trip to Paris in the Gold Cup at Ascot over 4,023m, when running on the same weight as the Ed Dunlop-trained winner.
At Flemington, however, he will receive 2kgs from Trip to Paris, potentially putting him in contention based on his rival's recent form in the Caulfield Cup.
His form since Ascot has not been great, however, with a third (out of five runners) at the Curragh, followed by a terrible eighth place in the Irish St Leger, where he finished 43 lengths off the winner, another Aidan O'Brien horse Order of St George.
It's hard to have too much confidence based on his last two runs, but if Kingfisher runs to his best - and if the Cup turns into a true staying test - he could be in the mix.
One thing to remember is that O'Brien is a master trainer capable of successful overseas raids - this weekend he reinforced this as Found beat favourite Golden Horn to win the Breeder's Cup Turf in Kentucky.
Both O'Brien horses will be running in the colours of owner Lloyd Williams on Tuesday, and that could ease the sting of another international win, if it happens.
mce-anchor 10 - Trip To Paris (barrier 14)
He may not have won the Caulfield Cup, but this five-year-old bay gelding was the name on everyone's lips after his fantastic finish to the 2,400m race a fortnight ago.
The Ed Dunlop-trained horse was ridden almost perfectly by Tommy Berry, left well situated in the run, sitting 12th at the 400m mark before flying home to miss out by half a length.
"It was a great run, I know a lot of attention went on the Japanese horse (Fame Game), but I thought he was very good," Dunlop said after Trip To Paris drew barrier 14.
"He should appreciate a step up (in distance)."
He has the turn of foot to be a factor at Flemington, and his stamina is not in question.
He won the Ascot Gold Cup over 4,023m in June, sandwiched between a second place at Sandown over 3,290m and a third place in the Goodwood Cup over 3,219m.
His second-up record is strong (three races, two wins) and if he gets a good run, he could well deliver Dunlop a long-sought Melbourne Cup triumph.
mce-anchor 9 - Red Cadeaux (barrier eight)
The sentimental favourite is back one more time to race in the Melbourne Cup, and even at 10 years old you can't write off the chances of the Ed Dunlop-trained Red Cadeaux.
He was inches from immortality when he was nosed out by Dunaden in a photo-finish in 2011, and since then he has become part of the furniture on the first Tuesday in November.
You can't fault his Flemington form - he has had four races over the track and distance for three second placings, losing to Fiorente in 2013 and to Protectionist last year.
He has had mixed form this year, with back of the field showings in the QEII Cup at Sha Tin and the Hardwicke Stakes at Ascot, followed by a third (out of six runners) in his last outing at Newbury over 2,672m in August.
Red Cadeaux has drawn well in barrier eight, and trainer Ed Dunlop is happy with his preparation.
Asked if he would have preferred an Australian run prior to the Cup, Dunlop said: "No, he's too old!".
Red Cadeaux is hard to pick as a winner, but he shapes as a decent chance at yet another Cup placing if it all goes right on Tuesday.
mce-anchor 5 - Big Orange (barrier 23)
Big Orange is another English entry, the five-year-old bay gelding is trained by Michael Bell at Newmarket.
He has five wins and one second from 13 starts, including one win from three starts over 3,200m.
That win came in this year's Goodwood Cup, where he beat Cup contenders Quest For More and Trip To Paris in a close finish.
Unfortunately for him he has to give away 1kg to Trip To Paris and 2kg to Quest For More on that run, which suggests he will find it difficult to repeat the result at Flemington.
His last run was a poor finish in the Lonsdale Cup behind Max Dynamite, although that was on soft ground.
If the rain stays away, his chances will definitely improve.
mce-anchor 8 - Max Dynamite (barrier two)
Max Dynamite is the other Irish runner in this year's field outside of Aidan O'Brien's duo.
This six year-old bay gelding is trained by Willie Mullins, and in one sense he is reminiscent of a famous Melbourne Cup winner, Vintage Crop.
Like the 1993 winner, Max Dynamite has gone over hurdles as well as the flat - before his most recent run, a slashing win in the Lonsdale Cup over 3,300m in August, he had come second out of 20 runners in the Galway Hurdle over 3,219m.
In fact, Max Dynamite has seven of his nine races this year over the hurdles.
There's no doubt he can stay, and the two miles seems to be his optimal distance.
His first-up record is excellent, with two wins and a third out of four races, and if the rain comes between now and Tuesday, watch out - some cut out of the ground would help his chances.
mce-anchor 12 - Sky Hunter (barrier seven)
Godolphin's two-decades wait for a winner in Australia's great race has become a perennial story come Cup time.
Three times the horses in royal blue have finished runner-up - Central Park (1999), Give The Slip (2001) and Crime Scene (2009).
This year, trainer Saeed Bin Suroor has only one runner, the six-year-old bay gelding Sky Hunter - although Godolphin has another runner, the John O'Shea-trained Hartnell.
Sky Hunter has only had two runs this year, a win at Meydan in the UAE over 2,400m, and then a second placing at Newbury over 2,200m in a Group Three race.
Rain would bring him more into contention - he has two wins and two places from five starts on soft ground, and one win from one outing on heavy ground.
mce-anchor 16 - Quest For More (barrier 21)
Quest For More is the afterthought in the ranks of the international raiders, at odds in excess of 100-1 with the bookies.
The six-year-old bay gelding is owned by Sultan Ahmed Shah, the Sultan of Pahang in Malaysia and is trained in England by Roger Charlton.
He has six wins and has finished top three 13 times from 19 runs.
His big plus is his record at the Cup distance of 3,200m - he has raced three times for two wins and a second place.
The big minus is his last run in the wet at the Geelong Cup, where he was second at the 400m but faded badly to finish second last.
That was first up - however his second-up record is two wins and a second from four starts, so don't write him off completely
PHOTO: Japanese horse Fame Game will start hot favourite for the Melbourne Cup - unless it rains heavily. (AAP Image: Tracey Nearmy)
PHOTO: Snow Sky will have to overcome carrying the topweight of 58kg in the Melbourne Cup. (Supplied: Sharon Lee Chapman)
PHOTO: Hokko Brave has not been as impressive as Fame Game, but over 3,200m he may come into his own. (AAP: Julian Smith)
PHOTO: The Aidan O'Brien-trained Bondi Beach is a query at the Cup distance, but is tipped to do well on Tuesday. (Reuters: Lee Smith)
PHOTO: Kingfisher is an out and out stayer, but the Aidan O'Brien horse would not like too much rain.
PHOTO: Trip To Paris (R) finished strongly for second in the Caulfield Cup, and he is a good chance of going one better at Flemington. (AAP Image: Mal Fairclough)
PHOTO: Red Cadeaux (L) has never bettered his second-by-an-inch finish in 2011, but he will start his fifth Melbourne Cup from a good barrier eight. (AFP: William West)
PHOTO: Connections will be hoping Big Orange's poor run last start in the Lonsdale Cup was an aberration. (AAP Image: Julian Smith)
PHOTO: The Willie Mullins-trained Max Dynamite has more runs over hurdles than on the flat this year - but he is still a good chance for the Cup. (AAP Image: Julian Smith)
PHOTO: Godolphin trainer Saeed Bin Suroor hopes Sky Hunter can finally break the stable's Melbourne Cup drought. (AAP Image: Tracey Nearmy)
PHOTO: Quest for More (black, yellow and white silks) will have to improve markedly on a poor Geelong Cup run to figure in the finish at Flemington.(AAP Image: Julian Smith)
