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Nathaniel could take on Frankel in the Juddmonte International Stakes at York after he failed by the narrowest of margins to land back-to-back renewals of the King George VI and Queen Elizabeth Stakes.
The John Gosden-trained four-year-old, who won the Coral-Eclipse only two weeks earlier, went down by a nose to Arc winner Danedream.
Nathaniel could renew rivalry with his Ascot nemesis at Longchamp in October, but might have a more pressing engagement against the world's highest-rated thoroughbred.
Gosden said: "He ate up well and is fine. The great thing is that he doesn't know he got beat. He thinks it was a dead-heat!
"The races we are looking at for him are the Juddmonte International, the Arc, and the Champion Stakes at Leopardstown and Newmarket. He will probably run in two of those."