Too Darn Hot had headed the ante-post market throughout the winter after going through his juvenile campaign unbeaten and being crowned champion European two-year-old.
However, he did not make the Greenham Stakes at Newbury due to a splint problem and Gosden had stressed he would not be rushed if he did not have the requisite time to have an adequate preparation for Newmarket.
The Newmarket handler told the Racing Post he will look at either the Al Basti Equiworld Dubai Dante Stakes at York on May 16 or the Tattersalls Irish 2,000 Guineas at the Curragh nine days later for the son of Dubawi, owned by Lord and Lady Lloyd Webber.
Bookmakers reacted by removing Too Darn Hot from the betting and promoting the Aidan O'Brien-trained Ten Sovereigns, the unbeaten winner of the Middle Park Stakes, to the front of the market at around 11-4, ahead of the Andre Fabre-trained Persian King.
Too Darn Hot remains favourite for the Investec Derby at 6-1.