Melbourne Cup veteran Red Cadeaux has has successful surgery after breaking down near the end of the famous race.

Flemington Racecourse confirmed that the 10-year-old suffered a fetlock injury late in the race.

The injury was stabilised and splinted on the track, and the popular stayer has received a better prognosis than trainer Ed Dunlop has expected.

The three-time Melbourne Cup runner up has been retired. 

LISTEN: Alexandra Factor gives Tom Elliott an update on Red Cadeaux