Police are hunting a hit-and-run driver who they believe was speeding before they struck and killed a female student outside Monash University's Clayton campus in Melbourne's south-east overnight.

Key points: The student, who is yet to be identified, died at the scene

The student, who is yet to be identified, died at the scene Police found the dark-coloured station wagon which they believe hit her dumped nearby

Police found the dark-coloured station wagon which they believe hit her dumped nearby Monash University said it was saddened by the "terrible tragedy"

Monash University released a statement confirming the victim was one of their students, and offering support to students and staff affected by the "terrible tragedy".

"Monash University is deeply saddened to hear that police confirmed a student was fatally struck by a car last night on Wellington Road near the Clayton campus," the statement said.

"The University extends its condolences to the victim's family and friends, and all those affected by this terrible tragedy."

Detectives believe the woman was crossing Wellington Road, near Scenic Boulevard, when she was hit by a dark-coloured wagon about 9:45pm.

Major Collision Investigation Unit detectives are calling for anyone with relevant dashcam footage from around Monash University's Clayton campus to contact police.

The woman, who is yet to be identified, died at the scene.

The driver did not stop and the vehicle used in the hit-and-run was found dumped at a property on North Road in Clayton about an hour after the crash.

Anyone with information is urged to contact Crime Stoppers.