This Saturday in Hot Springs, Ark., and Lexington Ky., some of the best 3-year-olds running will hit the track in two races.

In Arkansas, the post parade is for the $1 million, Grade 2 Arkansas Derby, the apex of the “Racing Festival of the South,” run over 1 1/8 miles at Oaklawn. In Kentucky, there’s $750,000 on the barrelhead for the 1 1/8 mile Grade 1 Blue Grass Stakes at Keeneland.

Both races are considered major stepping stones to the Kentucky Derby, and though none of the horses involved have yet run the Derby distance of a mile and a quarter, 1 1/8 miles should give us a clue as to their qualifications.

There’s money to be made: Graded stakes earnings get you into the gate in Kentucky, and these are big checks.

Historically, the Blue Grass has been the Derby prep. Keeneland, nestled in the Bluegrass Region of Kentucky, practically shares fencing with some of the world’s most important thoroughbred farms. The Gold Julep Cup, the trophy for Saturday’s race, is understated, coveted, a sophisticated symbol of triumph over the turf.

The Blue Grass Stakes has sent 22 horses on to win the Kentucky Derby. The first, Judge Hines, ran third in the Blue Grass and took the Derby in 1903. But the last horse to take the Derby out of the Blue Grass Stakes was when Thunder Gulch, who finished off the board (in fourth) in the 1995 Blue Grass and then paid $51 to win on the first Saturday in May. But 1995 has been eclipsed by the recent roar of super horses out of Arkansas, meaning the pendulum of preference has swung slightly southward.

This is the 70th running of the Arkansas Derby. Only four horses have gone from starting in the Arkansas to winning the Kentucky Derby, but recent history seems to be overshadowing past glory. Last year, Afleet Alex took the Arkansas Derby trophy, and though he could barely stand after struggling for the show at the Kentucky Derby, he took the Preakness in heroic fashion and came up to New York to slam it home in the Belmont Stakes. The year before that, Oaklawn was where Smarty Jones got the Smarty Party started.

Suddenly, it seems the Blue Grass is a quaint reminder of the past glories and late greats of racing, and Oaklawn is where the action is. But that’s just if you look at this Saturday with your julep goggles on, trying to figure out where your money is going on the first Saturday in May. Nominally, both races are preps for the Kentucky Derby, and certainly that is on everyone’s mind. But each is a rich race with a full gate at a historic track.

The one to watch in Kentucky is First Samurai, a speedy horse on a speed-favoring track. Last out, he won through a disqualification, but it was very much deserved (Corinthian was all over him on the stretch). What’s more, he controlled the race like a pro. First Samurai was a well-respected 2-year-old back when it looked like he and Henny Hughes were setting up to duel. He’s got the earnings ($892,575,when the next highest is Bluegrass Cat at $323,780), the beyer figs (lifetime high of 107; only Sinister Minister has cracked the triple digits in this field with 102),and the graded stakes experience. He’s the favorite, for sure.

But he’s not alone. The lightly raced Strong Contender is just that. Last out he wired a one-mile allowance at Gulfstream Park on February 22, blasting through a half-mile in 45 4/5 and drawing away to win it. In his two meager starts, he’s had plenty left in the tank, and left the field a combined 8 1/2 lengths up the track.

Also going to the gate is Todd Pletcher-trained Bluegrass Cat, second in the Tampa Bay Derby on March 18.

All three are front-runners, as is the California import Sinister Minister. Expect a hot pace. I don’t think any of the heavy closers can get past the foursome out front – at least not all four of them. The question becomes which of the speedsters can last the 1 1/8, and which is happy to tuck in and rate just off this scorcher.

Jockey Rafael Bejarano will have to wrestle Samurai into a spot after he pops out of the gate, but if he can pull that off, they’ll take it. If not, Bluegrass Cat settles, moves, and the julep cup is his.

In Arkansas, Lawyer Ron is incredibly experienced, with 13 lifetime starts, and he’s coming off five straight wins, the last two of which were on this track. Last out he tried something new, surging up the track late rather than simply taking the race gate to wire. He’s a hard proposition to bet against, but it’s a big field.

Private Vow finished the March 18 Rebel Stakes 7 1/4 lengths off Lawyer Ron in what looked to many like a race either he or his jockey wasn’t trying to win. Certainly, that was nothing like last year’s Private Vow. The November 26 Kentucky Jockey Club 2 1/4 lengths victory made up for that broken rein under John Velazquez back in the Breeders’ Cup, before which he’d been winning and improving.

The winners (With a City, High Cotton) coming into this race from Turfway Park deserve some consideration, but I don’t trust the artificial surface as being indicative of their ability to run elsewhere.

Nob Hill Deelite got it handed to him last out in the Rebel, his first race in open company graded stakes. He could figure, and if he goes off at anything like the 42.20 he was at last time, he’s worth inclusion.

Put the julep goggles back on for a moment: We’re looking for these horses to grow up; now is when these 2-year-olds must start racing like 3-year-olds. And we want a horse in the money that runs like he’s got more to give.

mwatman@nysun.com