Surely he's joking? Maybe not.

The flamboyant businessman believes his horse Magic Circle will win on Tuesday and is just as adamant his acceptance speech will be like no other.

"When we win - not if we win, when we win - Flemington will see the most colourful presentation than it's ever had before and is unlikely to ever have it again," he said.

"I will - and no one here is going to stop me, even with the threat of a ban for life - I'm going to strip down to my g-string, keep my tie and my shoes, and I will get up and receive the trophy."

Dr Koukash first made his g-string Cup pledge after landing his 500th British winner in August and has happily repeated it to amused journalists since arriving in Melbourne.

"I think my wife will end up divorcing me, but listen, it's easier to find a new wife than win the Melbourne Cup," he quipped.

Joking - or not - aside, Dr Koukash really wants to win a Melbourne Cup.

He has tried a few times already, getting his best finish with Mount Athos' third in 2013, and believes the Ian Williams-trained Magic Circle is a better horse.

"Magic Circle is the ideal horse for us to do it this time."

Dr Koukash is delighted to have one of the favourites behind the Aidan O'Brien-trained Yucatan, owned by six-time Cup winning owner Lloyd Williams.

"I'm living the dream.

"Any owner in the world would dream of having a runner in the Melbourne Cup.

"Not to only have a runner but to have one of the favourites in the Cup, it's great mate, absolutely wonderful."

Australian Associated Press