Long Run could go straight to Cheltenham
(Healy Racing Photos)
The Nicky Henderson-trained chaser regained his King George VI Chase crown in a dour battle with Captain Chris at Kempton on Boxing Day.
His next aim is to reclaim his Gold Cup title, but Waley-Cohen feels he will not run in the Denman Chase at Newbury in February if the ground is very soft.
Waley-Cohen told At The Races: "He's come out of it (the King George) better than he did after the Haydock race and he's in very good form.
"We have to decide if we are going to run before the Gold Cup or go straight there.
"A lot will depend on what the weather is like and what the ground is like.
"The possibility is the Denman Chase at Newbury, which is the race he won last year, but we may just skip all that and go straight to Cheltenham."
There are four Irish competitors among the 12 riders who will participate in the St Patrick's Derby at The Cheltenham Festival, in aid of Cancer Research UK.