The Everest slot, owned by Damion Flower's Jadeskye Racing has been put up for tender after it was surrendered by the co-owner of champion stallion Snitzel.
The slot was made available following the arrest of Damion Flower on drug smuggling charges would be put to market.
Racing New South Wales on Thursday announced that it will not necessarily be awarded to the bidder who offers the most money.
But it will go to the 'person or organisation that brings benefit and adds to the promotion and appeal of the race which has captured everyone's attention'.
"The slot has attracted many interested parties who are willing to pay the amount necessary," Racing NSW chief executive Peter V'landys said.
"The challenge for them is how they can show that they will bring something unique to The Everest."
Whoever secures the rights to the vacated slot, which is just for 2019 with no accompanying option for future years, will receive the right to nominate a horse for The Everest on October 19 and a share in the A$ 14 milion prize money of that horse.