Officers were called to the inner-Melbourne suburb of Ascot Vale about 12.15am on Sunday after former boxer Hussein Dehaini was found with multiple gunshot wounds.
Dehaini, 33, who police believe had ties to serious and organised crime groups, was rushed to hospital in a critical condition but did not survive.
He was struck in the lower body, police said.
CCTV footage released on Monday showed a white Mercedes swerving through the intersection of Epsom and Racecourse roads, nearly missing a pedestrian.
"It's very clear (the person) had to take a step back because the vehicle has come very close to him after driving erratically in a hurry to get away from the scene," Homicide Squad head Dean Thomas told reporters on Monday.
The vehicle had not been found it was unclear how many people were inside at the time, police said.
The 33-year-old victim was set to be farewelled at ceremonies held over three days from Sunday, according to social media posts.
The motivation for the shooting is not yet clear, although police are treating it as a targeted attack.
The boxer had a criminal history and was associated with groups including outlaw motorcycle gangs.
Detective Inspector Thomas confirmed the victim also had a number of matters before court.
"It was clearly obvious that person pursuing him was intent on causing him death or serious injury: shots were fired and shots were continued to be fired," he said.
Police believe the victim he was walking along Mount Alexander Road when a man approached and fired a number of shots.
The shooter then entered a vehicle, believed to be a white Mercedes sedan, headed west along North Street.
It was last seen heading south towards Footscray, at times driving erratically.
Homicide Squad detectives were among the numerous police still at the scene on late Sunday morning, hours after the shooting.
Forensic officers were seen removing blood-covered clothing from the scene, while bloodstains were also visible on the ground.
Witnesses said they heard numerous gunshots just after midnight.
No threats were made to Dehaini in the hours or days before the fatal attack, Det Insp Thomas confirmed.
Investigators are hoping to speak to anyone with information or who may have seen the vehicle in the Ascot Vale or Footscray/Maribyrnong areas on the night of the shooting.
Police also hope to identify the pedestrian in the footage, who is not believed to be linked to the shooting.
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