Canberra Legend looks likely to take his place in the Group 2 King Edward VII Stakes on Friday of the Royal Meeting.
The son of Australia made a winning debut in February on the all-weather at Newcastle before following up in the Listed Feilden Stakes over 1m 1f in April at Newmarket.
The three-year-old was being trained with the Epsom Derby in mind but disappointed in the Group 2 Dante Stakes at York and has been re-routed to Ascot.
James Ferguson told Sky Sports Racing: "Canberra Legend showed his class in the Feilden and showed that the further he was going, the better he was going.
"We've put a line through the Dante at York. He showed his inexperience, it was a big occasion, hopefully he's grown up and learned from it.
"From the minute he went down to the start, I think we knew it was not going to be his day and we move on.
We've taken him for an away-day at Chelmsford and he's shown me all the right signs at home that we've got him back to where we were with the Feilden.
"He'll be entered in the King Edward and the Hampton Court. We're probably lining him up for the mile-and-a-half option to be honest and I'd say he's going there with a real live chance."
The three-year-old colt also holds entries in the Group 1 Eclipse Stakes at Sandown and the Group 1 Irish Champions Stakes in September at Leopardstown. He is available at a general 10/1 for the Group 2 King Edward VII Stakes.
Deauville Legend has previous Royal Ascot experience having finished a head second in the King George V Stakes over 1m 4f last year.
The son of Sea The Stars produced a career-best performance when winning the Group 2 Great Voltigeur and finished an excellent fourth in the Melbourne Cup last November.
The four-year-old looks set to take up an entry in the Group 2 Hardwicke Stakes on the final day of Royal meeting.
Ferguson added: "He's in great order and we're really looking forward to getting him back out.
"We've been very patient with him. We decided to give him a bit of a break after his international travel for the Melbourne Cup, where he ran very well on ground which went very soft and he probably didn't stay the two miles with the weight he was given.
"He lost nothing in defeat and the way he won the Voltigeur shows that from the older horse category over a mile and a half, he's one of the best around.
"He'll be going to the Hardwicke, which is a hard place to start your campaign if Hukum and Pyledriver go there, but I certainly think he's capable of competing at that grade.
"I'm fairly confident we've got him fit enough to go the races, but whatever we see from him, he will come on for the run I'm sure."
Deauville Legend is around 8/1 for the Hardwicke next Saturday.
Land Legend and Group 3 Greenham Stakes' fourth Zoology may also represent the stable next week.
