More than 100,000 people are expected to flock to Melbourne's Flemington racecourse for the 143rd running of the Melbourne Cup.

The leadup to Australia's most famous horse race has been packed with high drama over the one-time favourite Mummify whose jockey is the subject of a stewards' inquiry.

Danny Nikolic believed there was something very wrong with the horse who performed poorly in the Mackinnon Stakes on Saturday but the gelding has been given the all-clear to run.

After consultation with trainer Lee Freedman, who had Darren Beadman on standby, Nikolic retained the ride on Mummify and promised he would be more determined than ever to win the Cup.

The new favourite is Makybe Diva, one of three runners for local trainer David Hall who also has Pentastic and Piachay in the race.

The mare's owner, South Australian tuna fisherman Tony Santic, backed her at Monday's Call of the Card to win $1 million.

Others may not be quite so bold, but punters around Australia are preparing to queue up at TABs to outlay more than $110 million on the race.

Millions more will change hands with bookies and in office sweeps around the country.

Makybe Diva is at 6-1 ahead of Frightening who is an 8-1 chance.

Frightening's popularity is due in no small part to the "Bart" factor.

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