Dunguib is as short as 14/1 for the Champion Hurdle despite having not raced since last April, after missing his intended seasonal reappearance in last Sunday's Irish Champion Hurdle through a slight illness.
Connections intend to start him in the Red Mills Trial Hurdle at Gowran Park on February 12, but Fenton indicated today that he might not even be ready for that contest:
"He will do a bit of work on Saturday, but we're beginning to panic a little bit that he won't be ready for the Red Mills and we won't be able to run him before Cheltenham," he said.
Added to that worry, Fenton also said that his charge, who won the 2008 Weatherbys Champion Bumper impressively and finished third in last year's Spinal Research Supreme Novices' Hurdle, may not even run in the Champion Hurdle.
He said: "The form of his runs last year is still fairly solid. Whether it's Champion Hurdle form is another question but all along we've had great belief in this horse.
"Two and a half miles in the Red Mills will be the furthest he has gone and we could go for the Coral Cup [over 2m5f] after."
The eight-year-old has been added to the Coral Cup markets by Bet365 and William Hill who both offer odds of 14/1.
Elsewhere today, trainer Nigel Twiston-Davies revealed that Gold Cup champion Imperial Commander is working perfectly towards the defence of his crown in March.
Last year's winner is to head direct to the Cheltenham Festival after just the one race this season, November's Betfair Chase, after missing the King George VI Chase due to an infection which took hold in a near-fore cut sustained in the Betfair.
After the December 26 King George meeting was lost to frost Twiston-Davies said Imperial Commander could have made the rearranged January 15 date, but with the race not being re-opened has instead focused on getting his charge ready for the Festival.
Twiston-Davies said: "He's 100 per cent, not a bother on him. There's nearly seven weeks to the Gold Cup and he is bang on course."
Imperial Commander is best-price 7/2 (Bet365) favourite for the Gold Cup on Friday 18th March.
Another Gold Cup hopeful, Pandorama, is a doubt for the blue-riband event after x-rays revealed that he had bruised a hock after getting cast in his box earlier this week.
Pandorama's condition will be re-assessed by trainer Noel Meade's vets on Monday and the trainer said: "He appears to be comfortable and we are all very hopeful that he will be okay to resume training in the near future."
Because of the setback Pandorama, winner of the Grade 1 Lexus Chase at Leopardstown last month and Ireland's leading hope for the Gold Cup, will miss the Hennessy Gold Cup, for which he was favourite, at Leopardstown on February 6.
The eight-year-old is still as short as 12/1 for the Gold Cup but can be backed at best-price 20/1 (888sport).
One horse who will certainly missing the Festival is Flat Out, who has been ruled out for the remainder of the season by trainer Willie Mullins after sustaining an injury at Leopardstown on Sunday.
The six-year-old had been as short as 10/1 with for the Arkle Chase at the Cheltenham Festival after making a successful chasing debut at Punchestown.
However, his second start in the Irish Arkle on Sunday ended with him hitting the penultimate fence and unseating his jockey when still travelling well. And after investigation by the vet, Flat Out was found to have injured a hind leg.
Mullins said: "He has a little chip fracture on a hind leg and is out for the season."
Meanwhile, connections of Dare Me face a race against time in an attempt to get another run into him before the Festival.
Philip Hobbs' seven-year-old is unbeaten over hurdles after finishing sixth behind Cue Card in the Champion Bumper last March and second in the Aintree equivalent.
He is likely to be given entries in both the Supreme Novices' Hurdle and the Neptune Investment Novices' Hurdle, but whether he runs beforehand is unclear.
"I'm not sure if he'll go straight there. He had a bit of a muscle problem behind and he's back cantering now," said Michael Meagher, owner Trevor Hemmings' racing manager.
"He's back in training and we'll try to get a run into him beforehand if we can, but we'll just have to see."
Dare Me is best-price 25/1 for both the Supreme (Paddy Power) and Neptune (totesport). For the latest bookmakers free bets and special offers click here.
2009 Champion Bumper winner, Dunguib, may contest the Coral Cup in March
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