A stolen $2.5million Ferrari once owned by Princess Diana's boyfriend Dodi Fayed and Pink Floyd's lead singer Roger Waters was found engulfed in flames early on Saturday morning.

Police said emergency services were called to a fire in Melbourne's south-east about 4am and found the car fully ablaze.

The vehicle - which had just undergone a five-year restoration - was extensively damaged in the fire.

The Ferrari Daytona after the fire engulfing it was extinguished by emergency services

The $2.5 million 1972 Ferrari Daytona before it was stolen and burned out

Thieves broke into a Braeside, Melbourne workshop on Friday about 3.40am and took off with two cars - a $100,000 Ferrari 328 and the Daytona - one of just four in Australia.

Police are still searching for the Ferrari 328.

The brazen car heist allegedly took place in under four minutes, with police believing the thieves rammed the roller door to gain entry to the industrial workshop early in the morning.

The Daytona, whose star-studded pedigree makes it irreplaceable, was in the shop for minor repairs after the Motorclassica exhibition in Melbourne.

It had only been fully restored three weeks ago.

Those who have spent time behind the exclusive car's wheel include British Formula One legend James Hunt and the influential bassist and lyricist of Pink Floyd, Roger Waters.

The rare Daytona has a rich history - once owned by the lover of Princess Diana, Dodi Al-Fayed (pictured)

Before it was in the hands of Al-Fayed and his business magnate father, it was driven by Roger Waters, the lead singer of iconic rock group Pink Floyd

The brazen car heist allegedly took place in under four minutes - with the thieves ramming the roller door to gain access to the small repair shop at 3.40am on Friday morning

Ownership changed when business magnate Mohamed Al-Fayed bought the car in the 1990s.

Al-Fayed gifted the car to son Dodi before he and Princess Diana were killed in the infamous crash in Paris in 1997.

The current owner of the stolen vehicle, Melbourne restaurant owner Enzo Ceravolo, bought the car in the UK five years ago.

The former panel beater was devastated by the loss of his dream car.

'I grew up with them, my father was a mechanic, it was a dream one day to own one,' he told Fairfax.

'I don't have any other sport cars, that was the one.'

'Cars like this always have a history, I always dreamed to own one, and finally I got one and as soon as it was ready it got stolen.'

The owner of the exclusive Ferrari, Enzo Ceravolo, was devastated by the theft and begged the thieves to return his 'dream car'. It has black and silver English number plates 'PLL10L'

The other stolen car, a $100,000 Ferrari 328 (similar pictured), has the number plate 'FUN328' and is also yet to be located

Mr Cerevolo had earlier appealed to the thieves to return his treasured Ferrari.

'You don't appreciate these types of cars, you had your fun, please return it back,' he told 9 News.

Moorabbin Police detective Senior Constable Phillip Wilkinson told the Herald-Sun that the robbery was not likely to have been targeted.

'We believe the offenders knew the cars in that factory were high value cars, but we don't particularly believe they knew the $2 million car was worth what it is,' Constable Wilkinson said.

One of the stolen cars was spotted in Iluka Avenue, Patterson Lakes - just 10 minutes south of where they were nabbed - but it was long gone by the time police arrived.

A friend of Mr Ceravolo, known only as Les, earlier told 3AW he was concerned about the future of the car.

'There's many things they [the thieves] can do with it, including joy-riding and dumping it in Port Philips Bay,' he said.

Les explained that Mr Ceravolo, who he described as 'a tough man', had bought the car from the United Kingdom and imported it at a time when the Australian dollar was strong.

'He made enough money in order to buy this car five years ago and was going to retire with his wife and drive it around the countryside,' Les told the program.

Anyone with information is urged to contact Crime Stoppers on 1800 333 000 or make a confidential report at www.crimestoppersvic.com.au.

The ruby-red stolen Ferrari Daytona was once owned by Dodi Al-Fayed (pictured), son of business magnate Mohamed Al-Fayed

Princess Diana died in a car crash in Paris in 1997. The car once belonged to her lover Dodi Al-Fayed