Loft, one of the highly fancied European raiders sent over for the Melbourne Cup, won't be running on Tuesday following a tendon issue.
Part-owner Ozzie Kheir confirmed the news to Racenet on Friday morning.
The Marcel Weiss-trained gelding was second favourite in the betting at around $6.50 when news came through of his withdrawal.
Star jockey James McDonald had been booked to ride the five-year-old which had won twice over two miles in its past three runs.
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Friday's news means the Kiwi hoop will be without a ride in the race which he won for the first time last year aboard Verry Elleegant.
Loft's withdrawal follows that of Caulfield Cup winner Durston on Thursday due to an injury in the left hind leg.
With Loft out, Deauville Legend has firmed and now sits at $3.80 with the TAB.
Another overseas visitor in Without A Fight is now second favourite at $8 ahead of Tuesday's race at Flemington.