The tooth would be dissolved in the processing of mapping the DNA, Dr Perrie said.
Scientists would find low quality, small pieces of broken DNA, so there was not much of a chance for cloning, he said.
"This study will give some insight into why he was so dominant (on the racetrack).''
The DNA extraction will be performed at the Australian Centre for Ancient DNA (ACAD) at the University of Adelaide, before being analysed at the University of Sydney.
Dr Natasha Hamilton, the team leader from Sydney University's Faculty of Veterinary Science said they were mapping the DNA out of ``scientific curiosity''.
"The DNA sequence will tell us if Phar Lap's genetic make-up looks like star racehorses of today, including whether he [was] ... genetically better suited to running long distances.''
Dr Hamilton understood Phar Lap was the first southern hemisphere racehorse to have its whole genome sequenced, whereas the practice was popular in Europe.
The information would be used in current Faculty of Veterinary Science research such as international studies to understand the basis of genetic diversity in different breeds of horses, the structure of the thoroughbred breed and the genetics underlying the physiology of exercise across all horse species.
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Where is Phar Lap?
* heart: Canberra;
* hide: Melbourne;
* skeleton: Wellington; and
* small part of an incisor tooth: University of Adelaide and then the University of Sydney.