Owner Dai Walters will see what happens in the next few weeks before deciding where to run Oscar Whisky at Cheltenham in March.
The Stan James Champion Hurdle, in which he was third in 2011, and the Ladbrokes World Hurdle, for which is joint-favourite, are the options for the talented eight-year-old.
The World Hurdle is seen as the more likely option for Oscar Whisky after he was narrowly beaten by Reve De Sivola in the Cleeve Hurdle over three miles at Cheltenham last weekend.
His trainer Nicky Henderson has an embarrassment of riches in the two-mile Champion Hurdle headed by Darlan, Grandouet and Binocular.
"He's fine after his last race, no problems at all," said Walters.
"The Cheltenham Festival is the next move. We've got five weeks to decide where he goes. First of all we will see how Darlan and others run at Doncaster on Monday.
"There are a number of things to consider. If it dries up it will definitely be the World Hurdle, but if it's soft we will have to see.
"At this stage Cheltenham is too far away. Anything can happen in the meantime, the horse can be lame or anything. Then there's the Aintree Hurdle over two and a half miles after that which he's won for the last two years."
The chairman of Ffos Las racecourse believes there should be a championship race over that distance for hurdlers.
"He's the best two-and-a-half-mile horse in the country. I will stand up and say that," he said.
"It's a shame there isn't a two-and-a-half-mile race for him at Cheltenham. I think there should be as there are plenty of horses around who could go for it."