Kentucky Derby runner-up Two Phil's will not race in the Preakness, trainer Larry Rivelli said Tuesday.

Rivelli told the Daily Racing Form that Two Phil's "came back great" after the Derby, but he wanted to give the horse more time between races. The Preakness is May 20, two weeks after the Kentucky Derby. Two Phil's has returned to his home base at Chicago's Hawthorne Race Course, and Rivelli told the Daily Racing Form he is considering the June 10 Belmont Stakes and the June 11 Matt Winn Stakes at Churchill Downs for the colt's next start.

Two Phil's, a stakes winner at Canterbury Park last season, is ridden by former Canterbury jockey champion Jareth Loveberry.