Opawa Wayne, who finished second behind Opawa Superstar in last month's Auckland Cup, will jump from Box 6 in Race 2. He brings outstanding form into the heat, having clocked 29.80 in an easy victory at Addington a few weeks ago.
"He's jumping really well now and he should get a reasonably clear run early. He's a really good chance," said Fahey.
Opawa Goat completes the Fahey triumvirate in the Derby heats. The talented chaser will jump from Box 4 in Race 3, and he hasn't been sighted at the races since finishing fourth at Manukau at the end of February.
"He's come back from an injury," explained Fahey. "He's had a couple of trials and went pretty good.
"He's got a bit of early pace and if he can get to the lead, he could be a chance."
In addition to their Derby hopes, the Faheys also have Nevada Phil in a heat of the Group 2 Angus Wright Memorial Sprint (Race 7) and Opawa Gina in a heat of the Group 2 Lois Henley Memorial Trophy (Race 9).
"Nevada Phil is always a good chance, especially over the 375m – the Addington trip is a bit short for him.
"And Opawa Gina went a really good race at Southland in her first look there. Whatever she does on Thursday, she'll improve on – she just needs to be in the top four to get into the final next week."
Race 1 at Cambridge on Thursday gets underway at 12:13pm, and the Derby heats are Races 2, 3 and 4.