The Queen's Carlton House is likely to make his reappearance in the near future - but no firm target has been disclosed by connections.
Gallops watchers have noticed trainer Sir Michael Stoute putting the son of Street Cry through his paces in recent weeks, and Her Majesty paid a private visit to Newmarket a few days ago in order to scrutinise her numerous horses stabled around the town.
Carlton House was an impressive winner of the Dante Stakes last year and went on to finish third in the Derby, having suffered a setback in his preparation and also losing a shoe in the race.
His only other start in 2011 was when a close fourth in the Irish Derby, and he does not hold any entries in British races at this stage.
"We're getting closer towards making a decision as to where he runs and it all will unfold shortly," said the Queen's racing manager, John Warren.
"He wintered very well, The Queen saw him last week, and Sir Michael is very happy with him."