Australian horse racing favourite Red Cadeaux "looks happy" and his injury should be repairable, according to trainer Ed Dunlop.
Red Cadeaux incurred a suspected fetlock injury after pulling up during the Melbourne Cup's closing stages, won by Michelle Payne aboard Prince Of Penzance.
Racing Victoria confirmed the 10-year-old gelding's injury, saying he had been taken to Werribee Vet Clinic for further assessment, after failing to finish.
He had been stabilised on track and his leg was put into a splint.
Trainer Ed Dunlop said he was not expecting such good news when arriving at the clinic, saying he thought he would not see the horse alive again.
Dunlop said Red Cadeaux had been immediately retired.
"He's in great hands, and we're seeking a lot of advice and we will do whatever is best for the horse," Dunlop said.
"He's eating grass... and he looks happy, he has fluids. It's a bad injury, but it should be repairable.
University of Melbourne vet Dr Chris Whitton said the injury is not currently life threatening but Red Cadeaux will not race again.