Palmer previously worked for leading handler Gai Waterhouse and his wife is also Australian, which has given him extra motivation to win the Flemington feature.
Wall Of Fire was last seen finishing second to Defoe in a Newbury Group Three.
"Wall Of Fire has become a bit of a buzz horse in Melbourne, actually. He's much shorter in the Melbourne markets than he is in the British markets for the race," said Palmer.
"His main achievement, of course, is going to be actually getting into the race and he is not guaranteed yet, although he is qualified.
"I think the fast ground, the two-mile trip and his turn of foot will be ideally suited to the race, I am really excited and whether he runs beforehand, we will just have to see."
Mask Of Time is a new arrival from France where he won a Listed race.
"Mask Of Time is a new recruit to the yard from Andre Fabre," said Palmer.
"He's a lovely three-year-old who is by Holy Roman Emperor and the plan with him is to head out to the Toorak Handicap, which is a Group One handicap at Caulfield on October 14. I saw him off on his way and he looked absolutely tremendous."