The Aiken-trained colt is the even-money favorite for the 1 1/8 mile race which features a field of nine.
Will Take Charge is the second choice at 4-1 and drew the inside rail for the Grade I race.
John Velazquez will be aboard Palace Malice, who is trained by Todd Pletcher.
Palace Malice is enjoying an undefeated campaign as a 4-year-old and is ranked No. 1 in the latest thoroughbred poll. He won the Metropolitan Handicap in his last outing June 7 for his fourth win of the year.