Frankel has been ranked as the world's best horse for at least the last 25 years by British Horseracing Authority handicapper Dominic Gardiner-Hill.
Victory in Saturday's JLT Lockinge Stakesat Newbury saw Frankel's rating increased to 138 pounds.
The ranking of Prince Khalid Abdullah's unbeaten, 10-time winner is only bettered by the same owner's Dancing Brave, which ranked 141 in 1986.
"I do think he can go even higher," Gardiner-Hill said.
"I do suspect he can be a 140-horse, it just depends if he gets the opportunity."
The World Thoroughbred Rankings scale has been lowered slightly since 1986, meaning Frankel could be ranked similar to Dancing Brave.
His rating, which still has to be ratified by Gardiner-Hill's international colleagues, is two pounds higher than last year, moving him above Peintre Celebre and Generous on 137 and Sea The Stars on 136.
Trainer Sir Henry Cecil wants Frankel's next outing to be the Queen Anne at Ascot and told his official website: "Over the last two seasons he has come on a good deal from his first race and hopefully he will do the same this season."
Frankel's wins
13 Aug 2010 at Newmarket - bt Nathaniel by 1/2 length
10 Sep 2010 at Doncaster - bt Rainbow Springs by 13 lengths
25 Sep 2010 at Ascot Royal Lodge Stakes- bt Klammer by 10 lengths
16 Oct 2010 at Newmarket Dewhurst Stakes - bt Roderic O'Connor by 2¼ lengths
16 Apr 2011 at Newbury Greenham Stakes- bt Excelebration by 4 lengths
30 Apr 2011 at Newmarket 2000 Guineas - bt Dubawi Gold by 6 lengths
14 Jun 2011 at Ascot St James's Palace Stakes - bt Zoffany by ¾ length
27 Jul 2011 at Goodwood Sussex Stakes - bt Canford Cliffs by 5 lengths
15 Oct 2011 at Ascot Queen Elizabeth II Stakes - bt Excelebration by 4 lengths
19 May 2012 at Newbury JLT Lockinge Stakes - bt Excelebration by 5 lengths.
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