Royal trainer Richard Hannon has indicated that the two-year-old colt could run in September's Champagne Stakes at Doncaster's St Leger meeting following his sublime victory on Saturday.

The Queen, who also bred Free Agent, was beaming with pride and delight as she watched her horse come from last to first to overhaul a high quality field and win the Chesham Stakes by two lengths.

There was also a distinct spring in her step as she left her vantage point in the Royal Box to return to the unsaddling enclosure where she tenderly stroked Free Agent.

Her Majesty then received rapturous applause when collecting her trophy, and she said to jockey Richard Hughes: "It is very exciting.

"That is what racing is all about – you never know what is going to happen."

Bookmakers reacted to the victory by giving Free Agent a 33-1 quote for the Epsom Derby – the one race that Her Majesty would reputedly like to win more than any other. The closest The Queen came to winning flat racing's premier classic was in her Coronation year of 1953 when her gallant Aureole was beaten by the great Pinza, the mount of the all conquering and supremely popular Gordon Richards who she had knighted days previously.

And Hannon believes that there is every prospect that Free Agent will be well-suited to Epsom's undulations where stamina, a commodity that the colt appears to have in abundance, will be a factor.

Hannon added: "I speak to The Queen quite often and she is a great owner and a great lady to train for.

"I was worried after a furlong and a half. He is a free-running horse and is still a big baby.

"I don't think we will do too much with him this year as he is mentally not quite there.

"He could run in the Champagne Stakes at the end of the season or we could leave him for next year.

"I think he will make into a really nice horse and would be more of a Derby prospect than a Guineas horse."

Free Agent was the first two-year-old to win at Royal Ascot for Her Majesty since Pall Mall triumphed in 1957 – the year The Queen became the leading owner for the second time in four years.

Now, she does not have the depth of resources, in terms of money and horses, that is required to compete against the leading breeders and owners.

But, as the distinguished racing commentator Brough Scott reflected on Free Agent's Derby prospects, he said that the horse has the talent, the staying genes and the will of an entire nation behind him.

"The owner, above all, deserves to dream," he added.