Mornington plane crash: Human remains discovered inside ex-fighter jet that crashed into Port Phillip Bay with a pilot and a Masterchef cameraman onboard

Human remains have been found amongst the wreckage of an ex-fighter jet that crashed into the water near Melbourne on Sunday. 

Masterchef cameraman James Rose, 30, was filming footage for a new TV show in one of two Viper S-211 Marchetti fighter Jets flying in tandem when the the aircrafts collided off the shore of the Mornington Peninsula at about 1.45pm. 

Victoria Police confirmed that the bodies discovered inside the plane on Monday night are believed to be those of two men reported missing. 

'They are believed to be the missing occupants of the plane, a 56-year-old Brunswick man and a 30-year-old Surrey Hills man,' the statement said. 

Pilot Stephen Gale, 56, and Mr Rose were reported missing after the ex-fighter jets collided about 12km west of Mount Martha, in Melbourne's southeast. 

One of the jets was able to miraculously fly back to Essendon airport.

Police said wreckage from the plane was located off the shore of the Mornington Peninsula on Monday evening following a massive search operation. 

'Investigators are working to establish the exact circumstances of the incident and investigations remain ongoing,' a police statement said. 

'They believe the aircrafts would have been visible from Mount Martha between 1pm and 2pm on Sunday.'

Police are keen to speak to anyone who may have witnessed the incident.  

The grim discovery comes as the harrowing mayday call by the surviving pilot reveals what happened in the aftermath of the collision.

'Viper 1 … mayday, mayday, mayday,' the surviving pilot said.

An air traffic control operator then replies: 'Viper 1, roger your mayday. You anticipate Viper 1 in the water?'

'I am anticipating Viper 2 in the water… we can see a splash mark,' the pilot responded.