"We will be making it a genuine test," Waterhouse's racing manager Bruce Slade said.
"Hippopus is a genuine mile-and-a-half horse and we will definitely be positive from the start. We will be out to make it a true run race."
Hippopus, who finished second in last Saturday's Tulloch Stakes (2000m) at Rosehill, is on the third line of betting at $13 with the winner Philippi second elect at $8.
Kingdoms ($35) finished fourth in the Rosehill Guineas and despite the fact he was almost nine lengths from It's A Dundeel, trainer John O'Shea was talking him up.
"He was ridden upside down in the Rosehill Guineas. He is much better ridden back," O'Shea said.
"I'm disappointed Fiveandahalfstar isn't there. He would have made it a genuine mile-and-a-half race, but I know my horse will run a strong 2400m."
Sydney-based Bjorn Baker, who is looking after It's A Dundeel until his father Murray arrives from New Zealand tomorrow, says there could be a query on the distance qualifications of the colt but not his class.
The favourite for the Victoria Derby in the spring, It's A Dundeel finished out of the placings behind Fiveandahalfstar.
"There is some debate over the distance and whether he is better at a mile to 2000m," he said.
"The instructions to James McDonald will be to keep out of trouble. It's all up to him.
"I just think he might win because he is too good."
- AAP