Three time Melbourne Cup runner up and Australian crowd favourite Red Cadeaux has been euthanised.

Racing Victoria released a statement on Saturday morning expressing sincere regret that the Ed Dunlop trained stayer had died following injuries sustained in the the cup earlier this month.

"It is with great sadness that Racing Victoria (RV) advises that Red Cadeaux has today succumbed to complications from the injury he sustained in the Emirates Melbourne Cup at Flemington on 3 November 2015," the statement read.

Red Cadeaux is the third horse to die after the last two runnings of the Melbourne Cup after favourite Admire Rakti and Araldo lost their lives last year.