Hill entered Teronado in the George Main and the Hill Stakes (2000m) but said he would throw him in the deep end in the Main, with his son-in-law Chris Munce to ride.
"I tossed up taking him to Melbourne for the Underwood on Saturday but decided to stay at the mile," Hill said.
"This race will tell me how we are going. None of the races at this level are easy but he has come back very well.
"I just hope the rain doesn't come. He has run well in the wet but the Derby was inconclusive as far as running 2400m. The track was bottomless that day."
Teronado was one of 12 entries taken yesterday for the George Main with dual Doncaster Mile winner Sacred Falls heading the field.
Sacred Falls is also nominated for the Underwood (1800m) at Caulfield but Zac Purton has been booked to ride him in Sydney.
His trainer Chris Waller has also entered Hawkspur, Moriarty and Royal Descent in both races.
Panzer Division, trained by Paul Messara, is the only 3-year-old in the George Main and will be ridden by Brenton Avdulla.
He is aiming to become the first of his age group since Viscount in 2001 to win the feature.