Sizing Europe is one of just 17 entries for the Sportingbet Queen Mother Champion Chase at Cheltenham on March 13.
The 2011 winner has the option of reclaiming his crown but he has also been entered in the Gold Cup and the Ryanair Chase.
His trainer Henry De Bromhead said: "The Champion Chase is a race we are looking at for Sizing Europe. He has been entered in the Ryanair and the Gold Cup too and we just want to keep our options open at this stage.
"He seems in great form at the moment and we have been delighted with his performances this season. His win at Clonmel was very impressive. I'd imagine he will have one more race before the Festival and we are looking at the Tied Cottage Chase at Punchestown in early February."
Flemenstar, Realt Dubh and Rubi Light are also in the Champion Chase mix, but they will have to be at the very top of their game to cope with hot favourite Sprinter Sacre, who was an easy winner of the Arkle last March and blew his rivals away on his comeback in the Tingle Creek.