Frankel is unlikely to run in the Breeders' Cup later this year but Sir Henry Cecil is refusing to rule it out completely.
Unbeaten in nine starts, Frankel is working his way up to fitness ahead of his planned reappearance in the Lockinge Stakes at Newbury in May but plans beyond that have not been finalised.
Cecil is cautious when it comes to outlining a programme for his brilliant colt but the trainer has hinted that the Qipco Champion Stakes at Ascot could be his final run before he is retired to stud.
The Breeders' Cup was mooted as a potential target for the son of Montjeu last year but Cecil is not convinced America is the way to go.
"The Breeders' Cup is not ruled out completely but I'd think it would be a second thought at the moment," he said.
"It's a very long way to go until the Breeders' Cup. There's Ascot, and the horse should hopefully stand (at stud) in Europe.
"He's a grass horse and there's a very good chance he'll be retired at the end of the year. Why go over to America in November on unknown territory?
"Everything might not suit, but time will tell and it might come back into the equation."
Cecil has confirmed the Lockinge to be the target for Frankel but he will wait until after Newbury before making any further plans.
"He has wintered well and I've got to put work into him now because he gets too fresh," he said.
"I hope he'll start off in the Lockinge at Newbury (May 19) but there's a long time until then and I've asked permission to give him a racecourse gallop at Newbury (at the Greenham meeting) and for him to stay the night.
"After that, he'll tell me what to do and everything is open. There's Ascot and the Prince of Wales or the Queen Anne, going a mile in the Sussex Stakes, or the Eclipse and the Juddmonte."