Cracksman is one of five runners for Newmarket-based Gosden, who teams up with Frankie Dettori again after victory in the Oaks with Enable.
Gosden also runs Crowned Eagle, Glencadam Glory, Pealer and Khalidi, while Aidan O'Brien has six runners.
"Cracksman has pleased me a lot, but he's light on experience," said Gosden.
"We'll probably find a champion at the end of it, but at the moment no one can quite find that diamond in the rough."
Victory for Cracksman would seal Gosden a third Derby success, after Benny The Dip in 1997 and Golden Horn two years ago.
The son of Frankel won his only start as a juvenile at Newmarket and then beat fellow Derby contender Permian in a trial at Epsom in April.
"We like this horse a lot, but he is a different type altogether to Golden Horn, who was a very strong favourite," said Gosden.
Dettori added: "He is not Golden Horn by any means, but potentially he could be anything on Saturday and we will find out."
O'Brien, who has saddled five previous winners of the race but had to settle for second in the Oaks with hot favourite Rhododendron, has Dee Stakes winner Cliffs Of Moher leading his team.
Two-time Derby winner Ryan Moore will ride the current 4-1 joint favourite.
"Cliffs Of Moher was a little bit slowly away (at Chester) and Ryan got him into a good position fairly quick," said O'Brien.
"He's a horse that always showed plenty of pace, so we weren't even sure about going up to a mile-and-a-half, but he galloped out well to the line at Chester."
O'Brien's daughter Ana will ride his three-year-old colt The Anvil to become only the third female jockey to ever race in the Derby.
Another of O'Brien's horses, Finn McCool, was the only withdrawal at the final declaration stage.
The total purse is set to be £1.625m, the richest race ever staged in Britain, with the winner receiving £920,913 and prize money then paid down to sixth place, which will net £21,922.
Rank outsider Diore Lia remains in a field of 19 horses for Saturday's Epsom Derby and will be ridden by apprentice jockey Paddy Pilley.
Gina Mangan was barred from riding the 500-1 shot by the British Horseracing Authority (BHA) on Wednesday after they deemed her too "inexperienced".
Owner Richard Aylward had said Diore Lia would not run, but changed his mind as any prize money will go to Great Ormond Street children's hospital.
"Poor old Gina is badly scarred from what the BHA have done," said Aylward.
He added he would try to bring up the Mangan case with the Queen, who is a patron of Great Ormond Street, when she attends the race.
"Our story needs telling because I've been left very, very upset about what has gone on and I feel so sorry for Gina," he said.
"We've had contributions from as far away as America for our charity, and we're hoping it will now take off because of all this that has gone on."
Inexperienced apprentice Mangan has only ever ridden one winner - Roscommon in 2009 - with the BHA pointing out that she had never ridden a race "on the scale and stage of the Derby" in explaining its decision to bar her.
Moore said the BHA should be "congratulated" for barring Mangan from riding.
"Credit where it is due - and it is definitely due to the BHA here," said Moore in a blog for a betting company.
"In this game you can't take safety for granted, and you would have been asking the horse and jockey to do something at Epsom that they simply weren't equipped to do."
Moore added the BHA had done the "right thing" by Mangan, but that it was "highly debatable" whether Diore Lia should still be allowed to run.
Although Pilley, 19, is also an apprentice, he is more experienced than Mangan, having ridden 34 winners and the BHA confirmed he met the criteria.
"He has been given a positive reference by his trainer, Roger Charlton, as to his ability, temperament and suitability to take part in the Derby, alongside his BHA jockey coach John Reid," said BHA chief regulatory officer Jamie Stier.
Trainer John Gosden hopes joint-favourite Cracksman will emerge as a "diamond" on Saturday in what he says will be a "terribly open" Epsom Derby.