The roses are in bloom, luxury dining precincts are stocked with champagne and the lawns will soon be scattered with punters as Flemington Racecourse welcomes back 10,000 revellers for the 2021 Melbourne Cup.

After the pandemic essentially stopped Melbourne for more than 18 months, Victoria's Covid-19 restrictions have eased just in time for the race that stops the nation.

While 70 percent of spectators at Flemington will be Victoria Racing Club (VRC) members, only 5 percent of tickets were offered to the public, which equates to a few hundred ticketholders.

The rest of the crowd will be made up of horse owners, corporate sponsors and trainers.

"It's the best day in Australian sport, I believe," VRC chief executive officer Steve Rosich said.

It will be more festive than last year's race, when crowds were banned from attending because of Melbourne's second Covid-19 wave, but it will still have a different atmosphere to previous events.

Spectators will be separated into three zones and will not be allowed to roam around the racecourse, which has a peak capacity of 120,000 people.

Punters must be fully vaccinated, wear a mask indoors and be seated to eat and drink.

"It's been quite unusual for horses in the last 18 months in Australia," said jockey Craig Williams, who is riding his 19th Cup on Spanish Mission.

"To actually have noise and crowds and emotion at the races, I think a lot of it is going to be a big benefit for the horses if they can handle the day and the heat leading into the race.

"And, for jockeys, if you're victorious at Flemington, coming down that straight, there's nothing better."

Cup fans who were not lucky enough to get a ticket can hold their own celebrations under Victoria's recently eased Covid-19 restrictions.

Up to 10 people, including dependants, can watch the race in private homes and 30 can meet for picnics and barbecues in public spaces.

Hospitality venues such as cafes, restaurants and pubs will be open and can have fully vaccinated, seated patrons, subject to density limits.

Racing fan Keith Foletti has been trackside for 85 out of 87 Melbourne Cups.

"I was christened at the Melbourne Cup in 1934 when the heavens opened up and I got drenched," he said.

"The only two years I've missed were the year I was on my honeymoon and last year when we were with the Covid."

He said he still didn't mind that his honeymoon took precedence, but one of his daughters was within earshot when he made the comment.

Internationals to challenge local favourite Incentivise

The horses are scheduled to jump in race 7, the $8 million Melbourne Cup, around 3pm AEDT.

Star stayer Incentivise headed into the first Tuesday in November as the shortest-priced Melbourne Cup favourite since Phar Lap in 1929.

It has been a rapid rise for the Peter Moody-trained gelding which was well beaten in a maiden race at Toowoomba just seven months ago, but has since won nine straight races.

Last year's winner, Twilight Payment, returns for another crack.

In 2020, the Irish gelding dominated from the front to give owner Lloyd Williams his seventh Cup.

The nine-year-old will again be ridden by jockey Jye McNeil, who said he was looking forward to racing in front of a Melbourne Cup crowd.

"It'd be good to be cheered home," McNeil said.

"And, hopefully, they can give him a cheer for last year as well."

The British-trained galloper Spanish Mission is considered a threat to Incentivise but VRC's executive general manager of racing, Leigh Jordon, said the stallion could be challenged by the 3200-metre race length.

"I'm going to go out on a limb and go with Spanish Mission," Mr Jordon said

"I think he is really a top-line stayer and may [beat] Incentivise if there is any kink in his armour."

Part-owners Bray Sokolski and Ozzie Kheir bought a stake in Incentivise earlier this year but, due to Covid-19 restrictions, will only lay eyes on the gelding for the first time in the flesh when he runs in the Cup.

"That hurts, because … what we love most about racing is horses and being around them," Mr Sokolski said.

"Hopefully, when things improve, we'll be able to go to Pakenham and spend a really good amount of time with him and pat him and … give him a carrot and a kiss.

"That's going to be really special."

The weather bureau is forecasting a sunny day with light winds and a maximum temperature of 30 degrees Celsius.

Mr Jordon says the track will receive plenty of watering before the races begin.

"It will be perfect by the time the Cup is run at 3pm," he said.

And, after a long absence of live entertainment in Victoria, some big names in Australian entertainment will perform around Flemington Racecourse.

ARIA award-winner Delta Goodrem is this year's official VRC Ambassador and the cast of Moulin Rouge! The Musical will perform on the front lawn following the running of the Cup.