The 150th Melbourne Cup next year will carry a record $6 million in prizemoney and feature an identical three-handled loving cup to that won by Phar Lap in 1930.

With the support of the state government, a $300,000 marketing campaign will raise awareness of the Cup's anniversary and a range of key events and initiatives are planned nationally and internationally.

Victoria Racing Club chairman Rod Fitzroy said to mark the 150th year the Cup would be celebrated with a focus on its rich history and the role it has played in the lives of all Australians since its first running in 1861.

"It will be a celebration which is intrinsically linked with the past, present, and our future, which acknowledges the heroic tales, epic battles and significant interweaving of the sport with the social fabric of communities throughout Australia, across the Tasman and around the globe," Fitzroy said.

Special guests will be invited and Fitzroy and premier John Brumby didn't rule out the possibility of the Queen presenting the 2010 Cup.

"There are some protocol issues about inviting her," Brumby said.

"She takes a very keen interest in the Melbourne Cup, I can tell you that, and she's aware that next year is the 150th."

Fitzroy said the Melbourne Cup prizemoney would increase $500,000 to $6 million, which would cement the race as the richest handicap in the world.

He said the Cup itself would return to the design zenith of the illustrious 1930 Cup won by Phar Lap.

The three-handled loving cup was the inspiration of master jeweller James Steeth in 1919.

The Great Depression forced the Cup to be reduced in size after 1930 except for 1953 and 1980 when a Cup, believed to the same one as Phar Lap's, was handed on and presented to the winning connections of Wodalla and Beldale Ball respectively.

From 2010, the bulkier 1930 design will return and the 18-carat gold cup will be worth $150,000 compared to $125,000 this year.

"The loving cup is the symbol of our great race and probably one of the most recognised trophies in world racing," Fitzroy said.

He predicted it would, more than ever, be sought after by overseas raiders and he expects quarantine protocols with regard to equine influenza would clear the way for the Japanese horses to contest the Cup for the first time since Delta Blues and Pop Rock ran the quinella in 2006.

Fitzroy said the 2010 Cup would be unveiled in February to coincide with the announcement of a schedule of "quality" events in the commemorative year.