Investigators spent Thursday processing the crime scene, canvassing CCTV footage and speaking to witnesses in an effort to piece together what happened, while working to identify the driver.

The 60-year-old Ballarat man was riding his bike to work about 5.40am - a trip he regularly took.

As he pedalled down Brazenor street and approached the La Trobe street intersection, a car turned right off La Trobe street towards him.

Detective Sergeant Darren Williams, of the Major Collision Investigation Unit, said CCTV footage captured the incident and it appeared the car cut the corner before hitting the cyclist.

He said the driver did not brake after hitting the man and rather than stopping to render assistance, "continued on at speed and left the area".

The driver travelled up Brazenor street, turned left onto Winter Street and then right into Gillies Street.

Another driver turning into Brazenor street from La Trobe street came across the cyclist lying injured on the road several minutes after the collision.

Detective Sergeant Williams said he had "extensive injuries" and police and paramedics were called but he sadly died at the scene.

Earlier coverage: Cyclist killed after Delacombe hit and run

Witnesses coming from the other direction of Brazenor street saw the car speeding off and were able to give police a description of the vehicle.

These descriptions, coupled with CCTV footage, have allowed investigators to form the opinion that the car is a "small, Japanese-style sports vehicle", potentially with a spoiler on the back.

Detective Sergeant Williams said one witness described the car as "being loud".

"It might sound a bit like a Japanese fast and furious type of vehicle," he said.

As the CCTV footage is black and white and was captured before sunrise, police are not sure what colour the car is but believe it to be a "light colour".

WATCH FOOTAGE OF THE SUSPECTED CAR BELOW

The footage does not show if the driver is male or female or if there were others in the car.

Detective Sergeant Williams said the car would have sustained extensive damage to its front.

"It will have damage to the front bumper, bonnet and windscreen and possibly the roof area," he said.

Detective Sergeant Williams said there was "no way in the world" the driver could not have known they had hit someone.

As of Thursday afternoon, police had not found the car or the driver despite an "exhaustive search".

"At the moment we are running short on leads so we ask the public to report anything suspicious. If they see a car parked or dumped somewhere, let us know."

They do not have a registration number so have been unable to identify the driver through a registration check but will have parts of the car left at the scene forensically examined for any clues.

Detective Sergeant Williams appealed for the driver to come forward.

"We really want the driver to come forward today," he said, adding their side of the story would complete the puzzle.

"The longer this investigation goes on without them handing themselves in or making contact with us, the worse it will be for them.

"The message is that if you're listening to this, contact us straight away. You can contact a solicitor before you contact us, but come forward tonight."

He also encouraged anybody who knows the person or car involved to come forward, as well as any other witnesses in the area at the time who might have dash cam footage.

Police are investigating all possibilities as to what caused the collision, but Detective Sergeant Williams said that hit and runs happened "often".

"It happens fairly often. You hate to think a driver or a human would leave a person injured or potentially dead on the side of the road because of your driving.

"It is an act that we just shake our heads at. We understand on some occasions that you might panic or that there could potentially be other factors involved in the driving they don't want to be detected doing."

The cyclist was the second person to be killed on their way to work in Ballarat this year.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or to make a confidential report online at www.crimestoppersvic.com.au

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