Bauer, beaten just a nose by Viewed in the 2008 Melbourne Cup, will become a clerk of the course horse on metropolitan tracks.
Clerk of the course Graeme Salisbury will pick him up on Friday to begin preparing him for his new career.
The nine-year-old grey gelding, prepared by Luca Cumani, was retired from racing after finishing fourth to Ironstein in the Group Three Queen Elizabeth Stakes (2600m) at Flemington just days after narrowly missing out on a start in the 2011 Melbourne Cup.
Salisbury said he was picking up Bauer from part-owner Simon O'Donnell's Kilmore property.
"I'll swim him and prepare him for his new job," Salisbury, whose property is near Heathcote, 110km north of Melbourne, said.
"Things like having horses led on both sides of him.
"Then I'll take him to the races."
Salisbury said it would take a month for Bauer to be ready to be a clerk of the course's horse if there were no hitches with his behaviour.
The most high-profile clerk of the course's horse Salisbury has had was 1992 Melbourne Cup winner Subzero, now 23, who was retired from racecourse duties in 2008.
However "Subby" still does appearances at schools and other events such as Friday's 4tracks4kids charity walk.
The gelding won't be doing the 44km walk leaving from Sandown at 3am (AEDT) and ending at the Flemington winning post at 12.15pm but will be part of the welcoming contingent along with former champion jockey Roy Higgins, the DOXA Youth Foundation Ambassador.