Melbourne port lease almost ready to go

Victoria is preparing to sell the $6 billion lease of Melbourne's port, with four consortiums lining up to buy it.

Treasurer Tim Pallas says the 50-year lease will be sold in the early part of 2017 after a deal on legislation was agreed on Thursday.

"I know that there are at least four consortiums, I am not advised who they are," Mr Pallas told reporters on Friday.

"For probity purposes the intention is to keep me separated from who may be bidders in these arrangements."

Long-running negotiations on legislation to sell the port came to an end on Thursday night when the opposition and government agreed on the major points of a compensation scheme for the owners.

The new owners will be paid compensation if another state-sponsored port is built within 15 years of the port lease being signed - as long as Melbourne hasn't reached its agreed capacity.

The opposition, Greens and cross-benchers are considering the latest amendments, with the port lease legislation set to pass through Parliament on March 8.