Update: Nine passengers aboard a hot air balloon that nearly ditched in Port Phillip Bay have been pulled to safety in a dramatic rescue.

Police at the scene said the hot air balloon took off from Dendy Park about 8am this morning and tried to land back at the Brighton park but was unable to do so.

The pilot then attempted to land at Sandringham Golf Club but was also not successful, police said.

The balloon, carrying 10 people including the pilot, eventually flew over the bay and tried to land in a shallow area, but drifted about two kilometres out from shore.