Officials at Cheltenham will inspect the track at 3pm on Monday to assess the prospects for their New Year's Day meeting.
The ground is reported to be heavy and saturated in places at present, which has left some areas of the track unraceable.
Further rain is forecast but clerk of the course Simon Claisse is eager to see how much rain they get before making a decision.
"We have a beautiful sunny morning, but we had 10 millimetres of rain yesterday and overnight and there are parts of the course, we are talking about the two hills, that are saturated and you can get a stick in anywhere between 12 and 18 inches," he told At the Races.
"We wouldn't be raceable today. Regrettably the forecast overnight and tomorrow is further rain, but we just have to hope.
"It has happened occasionally that forecast rain hasn't materialised and if we had a dry 48 hours, there is a chance we could get this meeting on.
"We are going to give it that chance. We are going to take another look at 3pm tomorrow. The rain is set to clear by mid-afternoon and if it doesn't come, we've got a squeak of a chance.
"This course will not take anymore rainfall now. We can just hope in the next 24 hours we somehow miss it.
"The rain is said to be starting late this evening, light rain through the early hours of tomorrow then get heavier during daylight hours and clearing mid-afternoon which is why we have to time that inspection for 3pm.
"If we get sufficient rain early enough to make a call, we will let everyone know as soon as we can."
2 September 2014Towcester not "turning its back"
Demuro booked for Moon Arc prep
Chicquita nears return
Murphy excited by Purse
Surprise Matron aim for Tapestry
Maguire nearing racecourse return
Estimate among bumper Cup entry
Maguire hails 'fantastic' Peddlers
Balding staying grounded with Park
Culloty joins Leger Legends
Regard among September possibles
Cox takes Haydock plunge with Love
Paddy gunning for Chepstow
Athenian has sales date
No hurry for Cape call
Mirza on Abbaye trail
1 September 2014McCain salutes retiring Peddlers
Seven Towcester meetings go to ARC
Further checks for Condon
Due set to miss Sprint date
Condon 'stable' after Cork fall
Queen rules supreme for Smith
River eases to debut success
Carla tops it up to four
Atzeni strikes on Cappella
Ocean team want Haydock rain
Big time beckons for Orange
Palmer aims high with Aktabantay
Hills ponders Dutch gameplan
31 August 2014Atzeni strikes on Cappella
Imminent return Likely
Logic on comeback trail
Dan edges closer to Mile high
Keane error costly for Unrequited
Notarfbad makes all in Mildmay
Orange enjoys Big win
Fabre strikes with Fintry
Akta in late Solario swoop
Icon takes starring role
Pearl fires home in Bullet
Shortall suffers injury setback
Tent team consider chasing
30 August 2014Keane error costly for Unrequited
Shepherd's sent to Tower
Time will tell for Charlton
Stack filly Alive to chance
Sansevero sent to Tower
Palmer plots Solario success
Fabre has high hopes for Fintry
Belardo team keen on Champagne
Rigueur targets Chester consolation
Native in hunt for Bullet gains
Arc still target for Taghrooda