The incident occurred in the driveway of a Reservoir home, in Melbourne's north, shortly before midnight on Tuesday.
A 55-year-old Richmond man, who police say had links to organised crime, was killed.
Detective Inspector Leigh Howse confirmed on Wednesday the victim was known to police.
"He had links to serious and organised crime entities and networks," he told reporters at the scene.
He did not say what those links were, but added that illicit tobacco boss Kaz Hamad would be part of ongoing inquiries.
Hamad was deported in 2023 from Australia to Iraq, where he was sentenced to life imprisonment.
The victim was shot outside a relative's home after leaving to meet someone he had been communicating with.
His unknown assailant shot him multiple times in the upper body, in what detectives allege was a targeted shooting.
The gunman is believed to have fled in a black Lexus SUV with NSW registration plates.
The vehicle was later set alight in the nearby suburb of Thomastown and extinguished by fire crews, leaving a dark mark on the road.
The gunman is believed to have then taken off in a white Toyota Corolla hatch.
About 2.30am, a car of the same make with stolen plates was involved in an evasion incident with police.
That vehicle was found abandoned nearby in Thomastown and investigators are working to establish whether it was the same vehicle used by the gunman.
No arrests had been made by Wednesday afternoon and investigations remained ongoing.
Det Insp Howse described the incident as "concerning" but said all available resources would be put towards investigations.
Local cafe owner Huy Tran arrived at work on Wednesday morning to find police blocking the way to his shopfront.
It wasn't the first time the 52-year-old had been forced to open late on account of a police investigation.
After learning what had happened overnight, he was saddened but not surprised.
"It's pretty scary," Mr Tran told AAP.
"But it's been so many times."
It is the latest in a string of recent public shootings in Melbourne.
On October 15, a man was shot dead in a home in Wollert, in the city's north, with police saying the incident was linked to organised crime.
On September 6, Daniel Hussein, 22, was killed during gunfire in Thomastown after what police said was an altercation in a car park.
In August, alleged gangland boss Fadi Haddara was critically injured after he was shot outside his Altona North home.
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