Homicide detectives are investigating after a man was found seriously injured and died outside a home in Melbourne's south-east overnight.

Police have said they believe the death followed a "targeted incident" after they were called to Ashleigh Street in Frankston just after 11.30pm.

The man was found with critical injuries but died at the scene.

READ MORE: Cold, wet and windy conditions to hit multiple southern states

He is yet to be formally identified.

Police said the exact circumstances around the man's death are yet to be determined.

Investigators the "parties involved are known to each other".

Ashleigh Street remains closed in both directions as police continue to investigate.

Anybody with information is urged to contact Crime Stoppers on 1800 333 000 or online.

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