11am The man in his 30s is being airlifted to the Royal Melbourne Hospital in a serious condition.
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He has suspected head, chest and leg injuries and multiple fractures.
UPDATE
A male cyclist in his 30s is fighting for his life after a serious head-on collision at Lake Wendouree.
Police believe a silver or grey Mitsubishi Lancer veered onto the wrong side of the road at 6.10am and struck the cyclist head on before driving off.
This vehicle was last seen in Delacombe at 8.40am.
Any sighting of the car, which has severe windscreen damage should be reported to Crime Stoppers.
Senior Sergeant Pat Cleary said the cyclist had life threatening injuries including severe leg and pelvic injuries.
Earlier
A cyclist has life-threatening injuries after a head-on collision at Lake Wendouree early on Friday morning.
Police are now hunting the driver of a silver car that did not stop at the scene.
The collision happened just after 6am.
Ballarat Highway Patrol Senior Sergeant Pat Cleary said the cyclist was riding east near Morrison Street, and was hit head-on by the car.
Senior Sergeant Cleary said the debris on Wendouree Parade confirmed the car’s silver colour.
The rider has severe leg and pelvic injuries.
Police are now asking for witnesses and also for anyone who sees a silver car or coupe with windscreen damage to call Crimestoppers on 1800 333 000.