Sir Percy is reported to be in good form despite his lacklustre effort in yesterday's Emirates Airline Champion Stakes at Newmarket.
The Vodafone Derby hero failed to shine in his first start since his Epsom triumph in June, finishing a seven-length seventh behind Pride.
Sir Percy was finishing out of the first two for the first time in his seven-race career and Tregoning believes the string of problems the Mark Of Esteem colt has suffered may be to blame for his eclipse.
"He's fine. I haven't been home yet but all the information from the yard is that he's sound, sparky and fresh but I suppose he should be as he only really ran a third of a race," said Tregoning.
"He has had a stupidly interrupted preparation this year and we have always managed to make it work and get him to races. Maybe it was just one interruption too many this time.
"Although he worked well and seemed to travel well, he just seemed to lack the muscle strength.
"He was fit enough but I think we have probably had to spend too much time trying to get his lameness sorted and he has missed the conditioning groundwork."
Before his narrow Epsom success, Sir Percy had finished second behind George Washington in the 2000 Guineas and also won the Dewhurst Stakes as a juvenile.
Tregoning and owners Victoria and Anthony Pakenham will now take some time to consider plans for Sir Percy, with a trip to Dubai a possible option if he stays in training.
"We don't want to make any rash decisions about what we do next. He is a particularly valuable horse and the plan has always been for him to stay in training next year," he added.
"I think we will be reviewing things over the next few weeks.
"I had been thinking about the Sheema Classic in March and that is still on the table but we won't rush into any decisions. The main thing is that he is OK."