Malcolm Jefferson's six-year-old, who extended his unbeaten record over fences to four at Carlisle last Sunday, will instead be entered in races such as the John Durkan Memorial Chase at Punchestown and the Tingle Creek at Sandown.
Jefferson could still be represented by
Cloudy Dream at Cheltenham, but given he has top weight, soft ground would likely rule him out, too. He is 14-1 with BetVictor and William Hill.
"Waiting Patiently won't go. Cloudy will be confirmed but we won't decide until nearer the time whether he'll run," said Jefferson's daughter and assistant, Ruth. "You don't know what the ground will be like and he's got top weight. Top weight and heavy ground wouldn't suit him.
"Waiting Patiently will get a few entries, but we're not in any rush. We'll look at England and Ireland, there are options for him and we're quite flexible with him.
"He'll get an entry in the John Durkan and the December Gold Cup, even the Tingle Creek as well, so we'll see. Carlisle was perfect for him as he hadn't run for a while and we were guaranteed soft ground."
One who will go to Cheltenham is the Evan Williams-trained Aqua Dude.
Williams believes his seven-year-old is much more the finished article this season after flattering to deceive on a couple of occasion last term. He reappeared with a stylish win at Uttoxeter last month.
"He is going for the BetVictor. He is a second-season novice and he is a different horse this year," said Williams. "He looked different last time. He jumped well and travelled well.
"It is a huge step up in class in a very competitive handicap. He needed a bit of time as he was a big raw horse last season."