But they are still searching for the mother and daughter duo who possibly witnessed the bicycle accident on Dana Street on Monday night. 

They are asked to contact Ballarat police on 5336 6000. 

UPDATE: The condition of man involved in a bike crash in Ballarat’s CBD on Monday has improved in hospital.

However, his identity remains unknown.

A spokeswoman from the Royal Melbourne Hospital said the man's condition had been downgraded to serious but stable. 

She said he had still not been identified, with police still trying to figure out who he is so they can contact relatives.

EARLIER: POLICE are trying to identify a man who was taken to hospital in a critical condition after a crash in the Ballarat CBD last night.

It is believed the man was riding east bound on Dana Street in Ballarat about 6.09pm when he crossed Albert Street at the roundabout before he fell from his bike. 

He was airlifted to Royal Melbourne Hospital in a critical condition. 

However, police were unable to identify him so his family could be contacted.

He was wearing jeans, black t-shirt, red jumper, elastic sided work boots and a grey helmet. 

He is described as about 40-50 years old, medium build with receding wavy brown hair. 

Police have released images of a tattoo on his right shoulder with the word ‘ALEX’ in a scroll at the bottom.

He was wearing a brown leather banded watch with a map of Australia on the face with the words ‘Yu lan’ inscribed on the back and a baseball cap with ‘Melbourne’ written on the front.

 Investigators are also keen to speak to a woman and her daughter who may have witnessed the crash. 

There are no suspicious circumstances in relation to the incident. 

If anyone has any information that may assist police with the man’s identification please call Ballarat Police Station on 53366000.