Cheltenham Racecourse have released an official statement, confirming an inspection will take place on Wednesday morning at 8am.
Winds of up to 50pm could force action to be moved to Saturday.
Met Office have released weather warnings from 12pm on Tuesday to 3pm on Wednesday afternoon.
The weather could make it potentially dangerous to fans, jockeys and horses at Cheltenham.
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The Racing Post say a decision on whether the day goes ahead could be made later in the day, despite the inspection set for 8am.
The Cheltenham Festival official account wrote on Twitter: “Cheltenham Racecourse has called a precautionary inspection ahead of racing tomorrow, to take place at 8am.”
Ian Renton, Regional Director for the south west region of The Jockey Club said: “Strong gusting winds are forecast for the area on Wednesday, but their precise strength and location are not possible to predict in advance.
“We are currently looking at forecasts of gusts in excess of 45 mph, which may present challenges out on the track and around the site, dependent on their direction. We will therefore do a precautionary inspection at 8am tomorrow (Wednesday).
“We remain optimistic and we will assess the situation in the morning, working with our team, forecasters, the British Horseracing Authority and our Safety Advisory Group, in order to make a decision about whether racing goes ahead as planned.
“It’s important to let customers and participants know the exact situation as it stands. While our focus is to race tomorrow, should the weather conditions not allow this we would stage the whole of Wednesday’s card on Saturday.
“This would allow for all seven scheduled races to be re-staged to provide participants with their opportunity to race at The Festival and with originally advertised conditions, which would not be possible in the two remaining days.
“Should the Saturday plan be required tomorrow, full details will be announced then, including race schedule. If racing is not able to go ahead on Wednesday, a full refund would be issued automatically to all ticket bookers.”
Wednesday at Cheltenham is Ladies day, one of the most highly-anticipated days of the season.
The schedule for Ladies Day is:
1:30pm – Ballymore Novices’ Hurdle
2:10pm – RSA Chase
2:50pm – Coral Cup Hurdle (A Handicap Hurdle Race)
3:30pm – Betway Queen Mother Champion Chase
4:10pm – Glenfarclas Cross Country Chase
4:50pm – Boodles Fred Winter Juvenile Handicap Hurdle