Te Papa will lend the skeleton of Phar Lap to an exhibition in Australia marking the 150th anniversary of the Melbourne Cup.
Radio New Zealand understands the skeleton will be kept at Melbourne Museum, the home of Phar Lap's hide, from September this year to the end of January next year.
The Melbourne Cup is run on the first Tuesday of every November.
New Zealand Thoroughbred Racing says the exhibit will highlight the quality of the industry in this country. Spokesperson Simon Cooper says Phar Lap is as revered now as he was when he won the Melbourne Cup 80 years ago.
Cambridge Stud owner Sir Patrick Hogan says reuniting the skeleton and hide will show that both countries have left behind tensions about which can lay claim to him.
Though born in Timaru, the legendary horse never raced in New Zealand.