AFL legend Mark "Bomber" Thompson's home has been raided by police.

Detectives executed a warrant at a Port Melbourne residence understood to belong to Thompson on Friday at 9.30am.

"No arrests were made at the property and the investigation is ongoing," Victoria Police said in a statement to 9NEWS this afternoon.

The Herald Sun reports the raid lasted for several hours and "stretched into the afternoon".

Mark Thompson's home was raided by police on Friday. (AAP)

It is not yet known what prompted the warrant, or what the purpose of the police investigation is.

An Essendon great, Thompson played 202 games for the club before retiring in 1996.

The 54-year-old went on coach Geelong to two premierships before returning to the Bombers in 2010.

Thompson (right) coached Essendon until 2014. (AAP)

As an assistant coach, Thompson was embroiled in the 2013 supplement controversy that rocked the club.

He was charged by the AFL with bringing the game into disrepute, and fined $30,000 for his role in the saga.