Waller has been delighted with Foreteller's spring campaign and his performance today is set to determine whether he heads to the Mackinnon Stakes or is given his chance in the Cox Plate.
"We'll just see how we go. Probably the Mackinnon but if he happened to win or run a close second we may look at the Cox Plate," Waller said.
Foreteller has already enjoyed a successful Melbourne spring campaign, winning the Makybe Diva Stakes (1600m) second-up at Flemington, defeating Puissance De Lune.
He finished 12th of 14 in the Underwood last start after settling at the back of the field in a race dominated by horses on speed, with Atlantic Jewel and It's A Dundeel battling it out.
Waller is hoping the small field and the tempo today suits Foreteller.
"He's got a turn of foot better than most horses," Waller said.
"I wouldn't say better than Atlantic Jewel, though."
A track gallop in the reverse direction at Rosehill has kept Sydney stayer Kelinni on course for the Caulfield Cup.
Kelinni was given a testing workout on the course proper yesterday and convinced trainer Chris Waller he deserved to be added to the stable's already strong Caulfield Cup team.
"He worked in the Melbourne direction and worked well and then scoped clean," Waller said.
Data from a heart-rate monitor also confirmed Kelinni to continue a spring campaign that has been interrupted by a minor bout of colic.
The import, who ran fourth in last year's Melbourne Cup, disappointed Waller when he finished at the tail of the field in the Craven Plate at Randwick last Saturday.
Waller said the Caulfield Cup distance might be the key to Kelinni regaining form. "He's coming off a poor run last start but we're still making our way to Melbourne," Waller told Sky Sports Radio.
"Hopefully he can find his best form and justify being there."
Kelinni's clearance will give Waller four Caulfield Cup runners. It's a quartet which includes the first and second favourites in Hawkspur and Royal Descent respectively.
A half-sister to three-time Melbourne Cup winner Makybe Diva has broken maiden ranks with a comprehensive win at Ballarat on Thursday.
The breakthrough victory for La Amistad came at the 4-year-old mare's fourth start. By Redoute's Choice, La Amistad is part owned by Makybe Diva's owner Tony Santic. AAP