ELMONT, N.Y. - Preakness Stakes winner Red Bullet will not run in the June 10 Belmont Stakes, trainer Joe Orseno told Daily Racing Form Saturday, leaving the third leg of the Triple Crown without the highly anticipated rematch between him and Kentucky Derby winner Fusaichi Pegasus.

After several discussions with owner Frank Stronach, and his son and racing manager Andy Stronach, Orseno said the decision was made not to run the lightly raced son of Unbridled back in three weeks, especially at 1½ miles. Thus far, Red Bullet has had a minimum of four weeks between his five races.

"He's not tired and he's very sound, he came out of the race good," Orseno said. "Our goal is to have the strongest possible horse we can have in the Breeders' Cup and that means spacing his races right now. We don't feel this is the right timing."

Orseno added that the Stronachs have committed to running Red Bullet as a 4-year-old and don't want to "squeeze the lemon dry" in the spring of his 3-year-old year.

"We think we can have a nice 4-year-old if we manage him properly," Orseno said. "We're doing what we think is best for the horse." Orseno said his midsummer goal is the $1 million Travers at Saratoga on Aug. 26, with a likely start in the $1 million Haskell Invitational at Monmouth Park on Aug. 6.

"If we are going to run three weeks apart it should be in the Haskell and Travers," Orseno said.

Orseno said he was unsure where Red Bullet would run between now and the Haskell but mentioned the Dywer at Belmont on July 9 as a possibility. Orseno said he explained to the Stronachs that skipping the Belmont could have a damaging impact on Red Bullet's chances to win the 3-year-old championship.