Rhinestone Cowboy has been ruled out of the Ladbrokes World Hurdle at Cheltenham next month by trainer Jonjo O'Neill.
The 10-year-old has not been seen since landing a Grade One event at Punchestown in April 2004, when he defeated his stablemate and the then stayers' hurdle champion Iris's Gift.
"We are losing the battle and he will not make Cheltenham," said O'Neill. "I will have to talk to the owners but he will probably be retired."
Rhinestone Cowboy was 6-1 third favourite with the sponsors for the stayers' championship on March 16th.
Third to Rooster Booster in the 2003 Champion Hurdle, he then overturned the form when beating the grey by three-quarters of a length at Aintree in April 2004.
The Be My Native gelding won 10 of his 14 starts and amassed £300,000 in prize money.
Owned by John Magnier, he was regularly partnered by his son and amateur rider, JP Magnier.