Australian horse racing icon Bart Cummings - the most successful trainer in Melbourne Cup history - has died.

Cummings claimed Australia's most famous horse race - the 3,200-metre handicap Melbourne Cup - 12 times, while he also notched 268 Group One victories - another record for Australian racing.

The South Australian-born trainer died in his sleep in Sydney on Sunday at the age of 87 after suffering a number of health issues over the past 12 months.

Cummings' son Anthony - who is also a horse racing trainer - announced his father's death on Twitter: "Dad died peacefully in his sleep early this morning, surrounded by his family. He lived a full life."

The son of another successful trainer - Jim Cummings - who trained Comic Court to win the 1950 Melbourne Cup, Bart Cummings' future career was never in doubt.

He won his first Melbourne Cup at the age of 38 when Light Fingers triumphed in 1965 - the first of three straight for Cummings.

Think Big then helped Cummings to consecutive Melbourne Cups in 1974 and 1975, while he last saluted in 'the race that stops a nation' in 2008 with Viewed.

Cummings is a member of the Order of Australia, the Sport Australia Hall of Fame and was the inaugural inductee into the Australian Racing Hall of Fame.