Asmussen says "no":
http://racing.bloodhorse.com/article/46041.htm
Quote:
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If everything works out in the Man o’ War, a race Asmussen said Curlin doesn’t have to win but has to “look the best,” the colt would likely prep for the Arc in the Prix Foy (Fra-III) at Longchamp.
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Although I think it's pretty far-fetched to believe he could lose to a field of has beens and still look good enough to be considered Arc material.