Ironstein will not be an acceptor for the Caulfield Cup, removing one obstacle for the committee of the Melbourne Racing Club which will have to decide the final two places in the 18-horse field.
Alcopop, Moudre, Sabrage and Tanby are among horses jostling for positions in the field which will be announced on Tuesday afternoon.
Connections of Saturday's Herbert Power winner Shahwardi have already indicated the Geelong Cup will be his lead-up to the Melbourne Cup for which the French horse has received a 1.5kg penalty for his win.
Ironstein's trainer Gerald Ryan said he and part-owner John Singleton had discussed the situation before deciding on Monday not to pay up for Saturday's Caulfield Cup.
"Singo said he didn't care about the Caulfield Cup as long as he got into the Melbourne Cup," Ryan said.
"The Moonee Valley Cup suits Ironstein better and that's the way we will go.
"I also think the Caulfield Cup is a very good race this year."
Ironstein, who just missed a berth in last year's Melbourne Cup, ran fourth in the Herbert Power, pleasing his trainer.
"I think he is going as well as he ever has even though he is a seven-year-old," Ryan said.
"Although he hasn't won since the Queen Elizabeth a year ago, he has run some great races and I'm very happy with him."
Ryan also decided on Monday not to send Villa Splendido on a Group One mission in Wednesday's Thousand Guineas and she will instead run in a 1400m handicap for three-year-old fillies at Caulfield on Saturday.
Villa Splendido was a fast-finishing second to Ichihara in last month's Heritage Stakes (1100m) at her first start for Ryan before her ninth in the Listed Vintage Stakes at Flemington last Saturday week.
"I didn't think she was quite ready," Ryan said.
"We'll sum things up after she runs on Saturday. There are plenty of fillies races during Cup week for her."
While Ironstein's Herbert Power fourth was pleasing for the trainer, wins at Caulfield on Saturday by Snitzerland in the Blue Sapphire and Cavalry Rose in the Thoroughbred Club Stakes were even better.
Runner-up to Pierro in the Golden Slipper, Snitzerland remains unbeaten in four starts as a three-year-old.
Ryan said connections would not be tempted by the Group One Manikato Stakes on Friday week and would stick to the original plan to run in the Coolmore Stud Stakes against her own age on November3.
Cavalry Rose will run at the Manikato meeting in the William Crockett Stakes.