UPDATE, 2pm: Portland police were notified on Tuesday that a trawler had located a suspicious item in waters off Beachport, South Australia.
VIctoria Police media liaison spokeswoman said a fishing boat located the device about 12.30pm last Wednesday.
The device was secured on-board and when the vessel returned to to Portland on Tuesday morning, police were then notified.
The item has now been identified and determined not to be suspicious.
At 10am: Police are still waiting for experts to identify a suspicious item found in Portland this morning.
Portland police Sergeant Vicky Phillips said police were still checking although they believe it is a buoy of some sort.
Earlier: A suspicious item has been found at the Portland Trawler Wharf.
Portland police are in the process of talking to Victoria Police bomb squad members, who may travel to Portland to assist.
Portland police Sergeant Vicky Phillips confirmed a suspicious item had been found at the Trawler Wharf.
"We are in the middle of trying to coordinate an operation. I simply don't have any information as yet," she said.
"We are talking to the bomb squad," she said.
More to follow when information becomes available.