Olivia Newton-John will join Melbourne's Lord Mayor Robert Doyle and former champions of the turf in the Melbourne Cup Parade through the centre of the city on Monday.

Thousands are expected to line the streets to watch the parade, featuring former cup winners Subzero, Doriemus and Rogan Josh, which makes its way down Swanston Street to Federation square from noon.

The Melbourne Cup carnival kicked off beneath blue skies at Flemington racecourse on Saturday, with a crowd of 108,000 watching Monaco Consul take out the Victoria Derby in 33-degree temperatures.

A cooler and windier day is expected for Tuesday's Melbourne Cup, with Bart Cummings' Viewed the favourite by a small margin to take out the $5.65 million race, closely followed by Alcopop.

Cummings has two other contenders for the trophy, with Viewed stablemates Roman Emperor and Allez Wonder also lining up for the 3200 metre race.