It seems everyone wants a piece of champion racehorse Phar Lap and lately, Melbourne has had two.

With his massive heart secure in Canberra's National Museum of Australia, and his hide a feature of the Melbourne Museum's permanent collection, the racehorse's skeleton has recently been on display in Melbourne on loan from the Te Papa Museum in New Zealand.

But it's time to say goodbye.

The museum says more than 350,000 people have visited the exhibition since it opened in September last year to coincide with the 150th running of the Melbourne Cup and the 80th anniversary of the racing legend's 1930 Cup win.

Museum Victoria chief executive Patrick Greene said he was amazed at the way the horse had evolved across generations.

"There's been tremendous enthusiasm to see the skeleton of Phar Lap," Dr Greene told reporters.

"Little children come in here and they know all about Phar Lap, even before they come.

"This is a very precious item for New Zealand and they've been very generous in lending it."

The Victorian government has spent about A$90,000 shipping the skeleton across the Tasman.

Phar Lap was foaled in New Zealand in 1926 and, regarded as too big and gangly, was sold off cheaply to trainer Harry Telford.

The horse became an inspiration for many, winning 36 of 41 races during the Great Depression.

Phar Lap's skeleton remains on view at the Melbourne Museum until January 30.