The woman was among 11 people injured in the multi-car crash at the intersection of High Street and Broadhurst Avenue in Reservoir on June 27.

Investigators believe a Ferrari 360 spider coupe that was travelling south along High Street tried to overtake and crossed into oncoming traffic, colliding with three cars and then smashing head on into a Mazda.

A passenger in the Mazda, an 88-year-old Reservoir woman, was taken to The Alfred with life-threatening injuries. She died early on Tuesday morning.

The driver of the Mazda, a 59-year-old Prahran woman, and a 41-year-old Thomastown in one of the other cars were also taken to hospital.

The driver of the Ferrari, a 23-year-old Brunswick man, and his passenger, a 22-year-old Coburg man, were taken to hospital with minor injuries.

Police said no charges have been laid and the investigation was ongoing.

Investigators would like to speak to anyone who witnessed the crash or saw the Ferrari driving in the area before the collision.

The road toll is 136 so far this year, compared to 130 at the same time last year.

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